The 2017 Am Law 200: Keep Calm And Carry On

Here’s the big picture, from Miriam Rozen over at Am Law:

Last year, revenue per lawyer (RPL) and profits per equity partner (PPP) remained roughly flat, on average, for the Second Hundred. RPL increased 1.5 percent from the previous year to $658,989, while PPP inched up 1.6 percent, to $748,960.

Supporting my point that the Am Law 100/200 divide is a bit artificial, note that the Am Law 100 firms had the exact same change in revenue per lawyer, which many (including Am Law) regard as the most important metric for a law firm’s financial performance. (Yes, everyone’s fascinated by profits per partner, but PPP can be easily manipulated — e.g., by “de-equitizing” partners, which is all the rage these days.)

Congrats to the big winners in this year’s rankings:

A handful of Am Law 200 Firms on the 2016 list that did achieve double-digit growth in gross revenue also appear to have successfully executed strategies to differentiate their law practices. Among those are: Lewis Roca Rothgerber Christie, which reported $159 million in revenues in 2016, a 27.7 percent increase from the previous year; Greenspoon Marder, which reported $122.5 million in revenues, a 17.2 percent increase; Curtis, Mallet-Prevost, Colt & Mosle, which reported $177 million in revenues, a 16.8 percent increase; and Dickinson Wright, which reported $209 million in revenues, a 12.7 percent increase.

Gross Revenue

Congrats to the top 10 firms of the Second Hundred ranked by gross revenue (full list here):

101. Davis Wright
102. Dorsey
103. Hughes Hubbard
104. Kaye Scholer [next year look for Arnold & Porter Kaye Scholer in the Am Law 100]
105. Finnegan
106. Manatt
107. Sutherland [now Eversheds Sutherland]
108. Buchanan Ingersoll
109. Wilson Elser
110. Gordon Rees

Revenue Per Lawyer

Congrats to the top five firms of the Second Hundred ranked by revenue per lawyer (full list, combining Am Law 100 and Am Law 200 firms, here):

1. Irell & Manella (1)
2. Choate Hall (3)
3. Kobre & Kim
4. Munger Tolles (2)
5. Hughes Hubbard

Three of these firms were in the top five last year: Irell (#1 last year), Choate Hall (#3), and Munger (#3).

Profit Per Partner

Congrats to the top five firms of the Second Hundred ranked by profit per partner (full list, combining Am Law 100 and Am Law 200 firms, here):

1. Irell & Manella
2. BuckleySandler
3. Choate Hall
4. Kobre & Kim
5. Kasowitz Benson

Note that Kasowitz used to be an Am Law 100 firm, but now finds itself in the Am Law 200. To quote its newest famous client, President Donald Trump: SAD!

Congratulations to the latest crop of Am Law 200 firms. Individual firms will come and go, but Biglaw keeps on keeping on — and expect it to do so for quite some time.

Have insights to share on this year’s Am Law 200 rankings? Feel free to email us, text us at (646) 820-8477, or tweet us @atlblog.

Exclusive Report: The 2017 Am Law 200 [American Lawyer]

Earlier:

• At Lunch With David Boies, 20 Years After His Departure From Cravath
• The 2017 Am Law 100: A Turning Point For Biglaw?
• The 2016 Am Law 200: Revenue Swirling Down The Drain

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David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at [email protected].