The US’ top law firms generated total fee income of $36bn (£20.18bn) in 2005, according to Legal Week research that shows the US’ top 50 firms achieving double digit growth for the third year in a row.
Legal Week‘s annual financial results table for the US’ leading law firms shows total billings last year rose by 11.5% while average partner profits across the top 50 rose by 10.5% to $1.35m (£756,000). The results – the first comprehensive financial picture of the world’s biggest legal market in 2005 – confirm that the upturn in M&A more than compensated for the downturn in the rich seam of bankruptcy, litigation and regulatory work that has powered US firms through the previous two years.
