Taking a closer look at the four categories we find that Baker & McKenzie was the highest revenue-grossing firm last year with just over $2.1 billion. It supplants Skadden to take the top spot for the first time since 1994. Eleven firms topped $1 billion in gross revenue, including K&L Gates, which reached the level for the first time.
Overall, total revenue was off by 3.4 percent, with the firms grossing a total of $64.8 billion, down roughly $2.3 billion from the prior year.
More than half, 56 firms, showed drops in revenue per lawyer, which the report notes is “our best measure of a firm’s financial health.” Debevoise & Plimpton had the biggest decline at 19.1 percent, which dropped them out of the top 10.
Revenue per lawyer was down $15,697, to $802,381, a 2 percent fall. This was the second consecutive year in which RPL fell.
A total of 54 firms reduced their head counts last year, cutting more than 3,000 lawyers overall.
As for profits per partner, 16 firms had PPP exceeding $2 million in 2009. That is the same number as 2008, though that group has seen some changes. Cadwalader, Wickersham & Taft and Davis Polk & Wardwell replaced Debevoise & Plimpton and Dechert in that group.
The Top 10 firms based on revenue:
Baker & McKenzie, $2.11 billion
Skadden, $2.10 billion
Latham & Watkins, $1.82 billion
Jones Day $1.52 billion
Kirkland & Ellis $1.43 billion
Sidley Austin, $1.35 billion
White & Case, $1.3 billion
Weil Gotshal, $1.23 billion
Greenberg Traurig $1.17 billion
Mayer Brown, $1.12 billion