For all the talk of layoffs and worries over an unstable legal economy, Biglaw just keeps getting bigger. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. The view from the top is simple: as we learned from the 2013 Am Law 100, slow and steady does win the race, because Biglaw is at the biggest it’s been in years, and partners’ profits are headed up, up, up.
Now that we’re on the long road to recovery following the recession and collapse of the U.S. financial markets, there are some lessons to be learned from the past five years. Some firms were able to cash in modestly on their success, while other firms buckled under the pressure and were forced to close their doors for good. The game of musical chairs in the top 10 of the Global 100 reflects this economic uncertainty.
DLA Piper is the new top dog in terms of total revenue. Which firms are the leaders of the pack in other metrics, such as profits per partner and attorney headcount?
* “The multimillion dollar question is: Is it going to happen and for how long?” Surprisingly, health care attorneys from large firms are being quite blasé about the Congressional battle over Obamacare. [Blog of Legal Times]
* The 2013 Global 100 is out, and with an 8.6 percent growth in revenue, DLA Piper was able to really show the world the benefits of churning that bill, baby! We’ll have more on this news later today. [American Lawyer]
* This is getting exhausting: Dentons, the three-way merger product of SNR Denton (a merger product itself), Salans, and Fraser Milner Casgrain, is in talks with McKenna Long & Aldridge for yet another merger. [Am Law Daily]
* The director of the Commodity Futures Trading Commission’s enforcement unit will be stepping down to spend time more with family. The countdown until he returns to Skadden Arps starts now. [DealBook / New York Times]
* Ted Olson and David Boies, perhaps more commonly known these days as the gay marriage dream team, will be working together to challenge Virginia’s ban on marriage equality. [National Law Journal]
* Should law school be two years long? Kyle McEntee of Law School Transparency (3 points) is beating the pants off Northwestern’s dean (-4 points) in this debate. [Debate Club / U.S. News & World Report]
* The Italian Court of Appeal is retrying Amanda Knox of a crime she’s already been convicted and acquitted of, and the chances she’ll be extradited if convicted again are slim to none. Buon lavoro. [CNN]
For the past three years, Baker & McKenzie has taken the top spot in the American Lawyer’s Global 100, the magazine’s ranking of the 100 highest-grossing law firms in the world. With 74 offices in 46 counties, the firm has a presence in almost as many countries as Starbucks (which is in 50 different countries around the globe).
Baker saw its financial metrics rise like bread in the last fiscal year. Gross revenue grew by 4.6 percent to $2.42 billion; net income rose by an even larger amount, 9.1 percent, to $862 million; and profits per equity partner increased by 10.1 percent, hitting $1.2 million.
But this strong performance wasn’t enough to keep Baker at #1. Who is the new top dog?
* After three years on top, Baker & McKenzie has lost its place as the top grossing firm in the Global 100. But which firm dethroned the once king? None other than… [Am Law Daily]
* Today we celebrate the 50th anniversary of Martin Luther King Jr.’s March on Washington, and yet some of the things he sought to change still remain the same in 2013. [Washington Post]
* The house always wins: Navin Kumar Aggarwal, the ex-K&L Gates partner who stole client funds to pay gambling debts, was jailed after receiving a 12-year sentence. [Am Law Daily]
* “This is like a triple-overtime win.” Merrill Lynch is making a huge $160 million payout in a racial bias case that’s been stuck in the courts for nearly a decade. Congrats, plaintiffs! [DealBook / New York Times]
* As eager young law students return to school, maybe it’s time for you to consider brushing up on the basics. Now is an excellent time to take care of those pesky CLE requirements. [Corporate Counsel]
* Career alternatives for attorneys: judicial drug mule. Following an investigation by the DEA, a former Utah judge pleaded guilty to the possession of enough Oxycodone to kill a small horse. [Salt Lake Tribune]
* Don’t even think about texting anyone, ever again, in the state of New Jersey, especially if they might be driving, because the appeals court says you could be held liable for negligence. [WSJ Law Blog (sub. req.)]
* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2012 Acritas Brand Index survey, the current leader of the Global 100 is the most powerful Biglaw brand for the fifth year in a row. [American Lawyer]
* But that might not last for long, considering the dilemma Baker & McKenzie is facing when it comes to joining the Shanghai Bar Association in China. The firm is one of the first to indicate that it’ll take the plunge. [Wall Street Journal]
* Thanks to the Second Circuit, Rajat Gupta will be a free man on bail pending the appeal of his insider trading conviction. We wonder what Benula Bensam would have to say about this new twist. [DealBook / New York Times]
* Jason Smiekel, the lawyer who pleaded guilty in a murder-for-hire plot involving a former client, was sentenced to eight and a half years in federal prison. The things men will do for HHHBs. [Chicago Tribune]
* Student loan payments: coming to a paycheck deduction near you! Congress is considering an overhaul of the country’s student debt collection practices, and Rep. Tom Petri has some interesting ideas. [Bloomberg]
* The Cleveland-Marshall College of Law is the latest school to hop aboard the solo practice incubator train, but graduates will have to rent their office space from the school. Nice. /sarcasm [National Law Journal]
* “We didn’t file this complaint lightly.” Sorry, Judge Norman, but as it turns out, you can’t just sentence a teenager to attend church for 10 years as a condition of parole without pissing off the ACLU. [Tulsa World]
* When your alterations cost more than your wedding gown, it’s pretty much a given that you’ll have some problems — ones worth suing over, if you’re a true bridezilla (like moi). [Thomson Reuters News & Insight]
The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.
There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.
Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….
And this year, there’s a new name at the top. Baker & McKenzie leapfrogged a number of firms to become the top-grossing law firm in the world (based on 2009 revenue numbers). Baker narrowly edged out Skadden for this honor.
Of course, Skadden people shouldn’t be ashamed of their second-place finish. Baker & McKenzie is huge: it leads the Am Law list of most lawyers by more than a thousand over its nearest rival, Clifford Chance. Skadden ranks #9 on the “most lawyers” list, with an attorney headcount that is almost doubled by Baker & McKenzie. Skadden gets to #2 in the revenue rankings by having a much higher revenue-per-lawyer figure.
Let’s take a look at the top ten in terms of revenue, and drool over these billion-dollar businesses…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.