X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
calculators

Last year finished out strong for the law firm industry, outpacing 2016 on revenue and profit growth. Stronger revenue growth came from comparatively higher billing rate increases and improved demand, especially during the fourth quarter. And while expense growth matched revenue growth, keeping margins steady, net income growth was a solid 4.5 percent. With a slight drop in equity partner headcount, that translated into growth of profits per equity partner of 4.8 percent. More good news could be found in strong year-end inventory levels, suggesting positive momentum for the first-quarter of 2018. That said, we continued to see dispersion in performance, with the Am Law 50 firms far outperforming the rest of the Am Law 200.

These results are based on a sample of 189 firms (81 Am Law 100 firms, 53 Second Hundred firms and 55 niche/boutique firms). Thirty-three of these firms fit our definition of either “international” (less than 25 percent but more than 10 percent of lawyers based outside the United States), or “global” (at least 25 percent of lawyers based outside the United States). Firms with less than 10 percent of lawyers based outside the United States are classified as either “national” (less than 50 percent of total lawyers based in headquarter office), or “regional” (greater than 50 percent of lawyers based in headquarter office). Each quarter, the Law Firm Group confidentially surveys firms in The Am Law 100 and the Second Hundred, along with smaller firms. In addition, we conduct a more detailed annual survey and produce the Law Firm Leaders Confidence Index semiannually. These reports, together with extensive discussions with law firm leaders, provide a comprehensive overview of current financial trends in the industry as well as forward-looking insight.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 

Maximizing Law Firm Profitability: Hiring, Training and Developing Productive LawyersBook

Maximizing Law Firm Profitability: Hiring, Training and Developing Productive Lawyers shows you how to manage your own practice and how to develop the potential of the pe...

Get More Information
 

Talent On The Move

Where are established partners moving? What firms are increasing partner headcount and in which markets & practices? Track Partner moves by firm, region, and practice area with your Legal Compass subscription. Log in or get your free trial today.

Get More Information
 

WIPL.UK Awards 2021Event

The WIPL.UK Awards honors the industry standouts and rising stars who are making a mark within the profession.

Get More Information
 

WIPL.UK Awards 2021Event

The WIPL.UK Awards honors the industry standouts and rising stars who are making a mark within the profession.

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.