The 2017 Am Law 100 is out now, giving you the national picture of Big Law financials in fiscal year 2016. Below, we have the local picture, taking a closer look at the financial performance of Pennsylvania’s largest firms last year.
Pennsylvania-born law firms in the top half of the Am Law 100 held their positions fairly steady in 2017. Things were more volatile for those vying against one another in the lower half of the country’s 100 highest-grossing firms.
Revenue jumped 14 percent at Fox Rothschild in 2016, more than matching head count growth as the firm beefed up its lawyer ranks.
Even with cost-conscious clients keeping industrywide demand in check, Duane Morris edged forward in 2016, hitting new highs for revenue and profits per equity partner (PPP).
Saul Ewing posted a modest decline in revenue and a dip in profits in 2016, as litigation activity slowed and two contingency fees came in later than expected.
Blank Rome hit the accelerator in 2016, posting big revenue gains as it added more than 100 lawyers from a failing firm and lured lateral hires from several competitors.
Big law firms based in Pennsylvania faced a reality check in 2016, as weak demand for legal services took its toll.
In what firm leadership called a “solid” 2016, Reed Smith held profits per equity partner and revenue per lawyer steady amid declines in head count and overall revenue.
Two years into new leadership, Drinker Biddle & Reath saw a second year of increases in revenue and profits per equity partner (PPP) in 2016.
Cozen O’Connor boosted revenue by more than 10 percent in 2016, as the firm continued to reap the benefits of acquisitions and lateral hires, as well as demand that bucked industry trends.
Last year at Dechert was “fine,” CEO Henry Nassau said, with a 2.4 percent increase in revenue and 1.6 percent increase in profits per equity partner (PPP).