Something strange is going on on the other side of the Atlantic and, just for a change, not in California. Corporate America is in disgrace over Enron and other scandals, corporate profits are flat or falling, the stock market remains near five-year lows and M&A activity has plummeted. Yet, the US’ top lawyers continue to get richer as the profitability of their law firms defies the basic laws of gravity.
According to Citigroup’s annual survey of US law firms, average profits rose by 8.5% in 2002, with New York firms leading the way. This month, research by Legal Director‘s sister title Legal Week echoed these findings, confirming an average growth in fee income and partner profits of 8% among the US’ top 50 firms.
