In any other industry, it might be considered bizarre to define “success” on how well management is compensated. Nevertheless, the 2017 Am Law 100 came out yesterday. (Earlier, David Lat spared you the trouble of having to read it yourself.)
One interesting — in a “View From Ninth Avenue” sort of way — detail about the Am Law lists is the placement of New York firms. Of course, Am Law no longer includes an “HQ” column on its chart of firms, bowing to most large firms’ pointed self-definitions as “global” (e.g., try to find the word “Cleveland” here). But a quick glance at the top of the three signature Am Law lists show a marked geographical pattern and further evidence that elite Wall Street firms are operating by different economic rules than everyone else:
Number of firms founded in NYC in Am Law’s top 10 by Gross Revenues: 1
Number in the Am Law top 10 by Profits Per Partner: 8
Number on Am Law’s “Super Rich” list: 15 (out of 20)
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(Chicago’s own Kirkland & Ellis is the only firm to appear on all three lists.)
Brian Dalton is the director of research for Breaking Media. Feel free to email him with any questions or comments.