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Early Data Shows Profits at Law Firms Increased in 2012
It seems as though the financial figures for 2012 at the top law firms in the United States show a slight increase in revenue and profits compared to 2011, according to The American Lawyer and Reuters.
There were 45 law firms that reported financial data in the first two months of 2013 to AmLaw. Out of those firms, revenue increase by an average of six percent. This number was at 4.4 percent in 2011. An increase of 7.4 percent was seen for profits per partner. This number was at 5.1 percent in 2011.
Quinn Emanuel Urquhart & Sullivan reported the highest profits per partner, with $4.44 million, a 6.6 percent increase compared to 2011. Irell & Manella came in second with $3.42 million profit per partner, a 19 percent increase from 2011.
Bracewell & Giuliani, in Houston, showed the most robust growth in the profit per partner category. They jumped 42.2 percent to $1.45 million.
Holland & Hart topped the charts with a 22 percent increase in revenue to $248 million. Bracewell & Giuliani saw a 19.7 percent increase in revenue to $325 million.
Of the 45 law firms that reported data, nine of them reported a decline in profits per partner. Five of the firms reported a decline in their revenue. The largest decline in revenue and profits was at Shook Hardy & Bacon. At the firm, profits per partner dropped by 16 percent to $900,000. Revenue at the firm sank by 7.2 percent to $317 million.