A closer look at the nation’s top-200 grossing law firms as compiled by The American Lawyer shows the Second Hundred top-grossing law firms stumbled in two areas in 2009 as compared to the AM Law 100.
Average profits per partner for the Second Hundred fell by 0.3 percent to $646,926 in ’09, while the AM Law 100 saw its profits per partner increase by 0.3 percent. Additionally, the Second Hundred’s revenue per lawyer dropped 2 percent, to $575,855, which was a slightly worse showing than The AM Law 100’s 1.9 percent dip.
Aric Press, editor-in-chief of The American Lawyer, commented on the findings in a press release.
“The bottom line: last year there was nowhere to hide,” said editor in chief Aric Press. “On average, Second Hundred firms, as a group, were just as vulnerable to the economic downturn as Am Law 100 firms were.”
The Second Hundred had a smaller drop in gross revenue than the AM Law 100 in ‘09. The former saw its revenue decrease by 1 percent to $17.1 billion from $17.3 billion and the AM Law 100 had a 3.4 percent drop in gross revenue.
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Profit margins for the two groups were nearly identical in 2009. The AM Law 100’s came in at 37 percent and the Second Hundred registered a 36 percent profit margin.
One of the areas with the biggest difference came in head count. Total headcount fell by 1 percent at the Second Hundred and fell by 1 percent at the AM Law 100. Profits per equity partner grew by 1.9 percent in the Second Hundred, while the AM Law 100 registered a 0.7 percent decrease.
The complete breakdown can be found in this month’s issue of The American Lawyer.
Posted by joshua
on June 1, 2010. Filed under Home,Law Firm News,Legal News.
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Departures from a law firm are complicated for any attorney, but for a partner the details can be quite intricate. Please note: First and foremost, the interests of your clients should be absolutely paramount. Consultation with existing ABA and state bar guidelines on firm transition is suggested. Below you will find a list of important considerations for partners when changing firms. You will also find suggested practices for maintaining relationships, as well as obligations from a legal and moral perspective. Before You Begin to Meet with New Firms It’s important to review any existing employment agreement with your former firm to make sure you are in compliance with all provisions (pay particular attention to provisions regarding notice). Practice discretion with your existing firm until you [...]
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