In any other industry, it might be considered bizarre to define “success” on how well management is compensated. Nevertheless, the 2017 Am Law 100(Opens in a new window) came out yesterday. (Earlier, David Lat spared you the trouble(Opens in a new window) of having to read it yourself.)
One interesting — in a “View From Ninth Avenue(Opens in a new window)” 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(Opens in a new window)). 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(Opens in a new window): 1
Number in the Am Law top 10 by Profits Per Partner(Opens in a new window): 8
Number on Am Law’s “Super Rich(Opens in a new window)” 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(Opens in a new window) is the director of research for Breaking Media. Feel free to email him with any questions or comments.