Let the wailing and gnashing of teeth begin. The AmLaw 100 rankings — The American Lawyer’s closely watched, annual listing of the hundred largest law firms in the United States, ranked by revenue — are now available.
We’ll have more to say on the rankings later. Their release is a big story, deserving of multiple posts. They’re like the U.S. News and World Report law school rankings, but for the world of Biglaw, and they can be viewed from many different angles. Although the firms are ranked by revenue, the rankings are accompanied by other juicy data — including information about profits per partner.
For the time being, here’s the “money quote,” quite literally, from the WSJ Law Blog:
Wiley Rein broke the record for the highest profits per partner ever recorded by the magazine — $4.4 million. Why? The Washington, D.C., law firm represented patent-holding company NTP in its nearly five-year legal battle with RIM, and earned more than $200 million in fees from the case. It received approximately one-third of the $612.5 million settlement that RIM agreed to pay NTP to avert a potential court-ordered BlackBerry shutdown. The firm also shortened its name from Wiley Rein & Fielding after Fred Fielding left the firm to become White House counsel.
So New York’s Wachtell Lipton, which has sat atop the profits-per-partner rankings for many years, has been displaced. Interestingly enough, though, Wiley Rein didn’t beat Wachtell by THAT much, considering the massive contingency fee it received from the RIM-BlackBerry settlement. Wiley Rein had PPP of $4,435,000; Wachtell Lipton had PPP of $3,975,000.
(And if you look at the chart for Compensation — All Partners (subscription), WLRK still comes out on top, with $3.975 million per partner. Wiley Rein has a two-tier partnership, so its Compensation Per Partner figure, which reflects compensation paid to non-equity as well as equity partners, is only — only! — $2.7 million.)
The Wiley Rein windfall reminds of when Robins Kaplan got that huge, one-time payout for its tobacco-related work. In the AmLaw 100 rankings for 2000, based on 1999 revenue and profit figures, the Minneapolis-based firm boasted profits per partner of over $3 million — beating Cravath and all the other New York shops that year, except for Wachtell.
Do you have any juicy, AmLaw 100-related gossip? Tales of shameless attempts to manipulate the rankings? Stories about unhappy partners ranting over their firm’s placement over this morning’s coffee? Please send ‘em our way.
A table and links, after the jump.