Back in black - key trends and figures from The Am Law 100 results
After watching partner profits sink in 2008 (down 4.3%) and crawl back into positive territory in 2009 (a mere 0.3% increase), The Am Law 100 collectively exhaled last year as profits per equity partner (PEP) jumped a healthy 8.4%. Major US law firms certainly didn’t let the economic crisis go to waste. They cut overhead, principally by trimming headcount at all levels, and reined in expenses. (Lavish retreats in exotic locales gave way to pedestrian events at the home office.) As the economy revived, the country’s highest-grossing firms were able to convert modest revenue gains into profits thanks to their prudence. Here are a few other key stats from our rankings:
The market was hardly booming but a close eye on costs meant most Am Law 100 law firms were able to improve profitability in 2010. Robin Sparkman reports
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