Biglaw, Money, Partner Issues, Partner Profits, Rankings

The 2014 Am Law 100: 'The Super Rich Get Richer'

How did your firm fare in this year’s Am Law 100 rankings?

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Gross Revenue

The top 10 firms by gross revenue appear below. As you can see, the top 10 stayed the same except for the arrival of Norton Rose, in the wake of its June 2013 merger with Fulbright & Jaworski, in the #6 spot. This pushed Gibson Dunn, which actually had a good year (gross revenue up 7.4%), down to #11.

The number of billion-dollar firms climbed from 20 in 2012 to 23 in 2013, with five firms passing the $2 billion mark. The five biggest gainers in gross revenue were Polsinelli (up 17.8 percent), Williams & Connolly (up 15.0 percent), Simpson Thacher (up 14.9 percent), Quinn Emanuel (up 14.1 percent), and Barnes & Thornburg (up 11.9 percent). The five biggest losers were Bingham McCutchen (12.6 percent), O’Melveny & Myers (10.4 percent), Fish & Richardson (9.6 percent), Edwards Wildman (9.4 percent), and Finnegan (9.1 percent). You can check out the full table here.

Revenue Per Lawyer

Some industry observers regard RPL as the best indicator of a firm’s overall strength. It’s not subject to inflation through headcount like gross revenue or inflation through manipulation like profit per partner. The top 10 firms by revenue per lawyer appear below; as you can see, it’s a real prestige-fest.

As noted by Am Law, average RPL fell, although by a mere 0.4 percent (basically flat). On the bright side, 66 firms grew RPL in 2013, with four firms posting double-digit gains. The biggest gainers were Quinn Emanuel (18 percent), Simpson (14.9 percent), Shearman & Sterling (13.4 percent), Vinson & Elkins (10.9 percent), and Proskauer (9.6 percent). The biggest droppers in RPL were O’Melveny & Myers (down 8.6 percent), Jenner & Block (down 7.8 percent), Locke Lord (down 6.6 percent), Wachtell Lipton (down 6.3 percent), and Fish & Richardson (down 5.4 percent).

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You can check out the full table here.

Profits Per Partner

Finally, the chart you’ve been pining for: profits per partner, the most closely watched metric on the Am Law 100. The top 10 firms by PPP appear below; once again, P-P-Prestige is the name of the game. There wasn’t much movement within the top 10. Wachtell once again managed to hold off Quinn Emanuel, but a smaller margin. Simpson came up from #11 in last year’s rankings to take the #8 spot, while Cleary fell from #10 to #12 (with Davis Polk taking #11).

The biggest gainers were Fried Frank (up 24.3 percent), Davis Polk (up 22.5 percent), Akin Gump (up 19.2 percent), Simpson Thacher (up 18.8 percent), and Shearman & Sterling (up 18.4 percent). The biggest losers were Kilpatrick Townsend (down 18.6 percent), Jenner & Block (down 17.1 percent), O’Melveny & Myers (down 16.0 percent), Finnegan (down 14.7 percent), and Bingham McCutchen (down 12.7 percent). You can check out the full table here.

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How did your firm fare in this year’s Am Law 100 rankings? Feel free to discuss in the comments.

The 2014 Am Law 100 [American Lawyer (sub. req.)]
Am Law 100 Analysis: The Super Rich Get Richer [American Lawyer (sub. req.)]
Capital in the Twenty-First Century [Amazon (affiliate link)]

Earlier: The 2013 Am Law 100: A Year of ‘Slow Growth’
The 2012 Am Law 100: Revenue and Profits Continue To Climb
Be Afraid, Be Verein Afraid

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