Am Law 100 Report Released
The Am Law 100, the annual report published by ALM's The American Lawyer since 1987, was recently released. You can view the complete press release here, but below is a look at some of the results.
The Am Law 100's overall gross revenue rose 4%. Although, Editor-in-Chief of The American Lawyer Robin Sparkman notes, "It's also critical to note that much of The Am Law 100's revenue growth came from two giants - DLA Piper and Hogan Lovells, a pair of firms whose worldwide revenues are being included in The Am Law 100 for the first time, because of a change in our methodology. Leaving out those two anomalies, The Am Law 100's average revenue went up a meager 1.4 percent."
Profits-per-partner (PPP) increased 8.4%, averaging $1,366,695 for the group.
Quinn Emanuel led the group with a 31% increase in gross revenue (to $550.5 million).
Quinn Emanuel's PPP also climbed 15.7% from 2009 to $3.62 million.
Alston & Bird led the Am Law 100 in PPP growth at 34%.
Revenues-per-lawyer (RPL), increased 4.4% last year, powered by a combination of head count cuts and a modest uptick in billing rates.
Top 5 firms by revenue
Baker & McKenzie ($2.104 billion)
Skadden ($2.1 billion)
DLA Piper ($1.961 billion)
Latham & Watkins ($1.929 billion)
Hogan Lovells ($1.665 billion)
Overall, about 60% of The Am Law 100 firms increased revenues in 2010.
Seventeen firms produced revenues of at least $1 billion; joining the club last year were Cleary Gottlieb Steen & Hamilton; Gibson, Dunn & Crutcher; Sullivan & Cromwell; and Hogan Lovells.
Looking at PPP, Quinn Emanuel's above-mentioned increase to $3.62 million still left it shy of the perennial leader, Wachtell, Lipton, Rosen & Katz, whose 0.2% decrease from 2009 still yielded $4.345 million in PPP.
Other firms scoring at least $3 million PPP are Sullivan & Cromwell (9.1% above last year), Cahill Gordon (up 27.4%), Cravath (up 16.8%), Kirkland & Ellis (up 23.2%), and Paul, Weiss (up 15.3%).
Sparkman said, "Average attorney head count fell 2.7 percent last year, the biggest drop since we started ranking The Am Law 100 almost 25 years ago."
Complete Am Law 100 spreadsheet data is available for online purchase at ALM Legal Intelligence, but below are a few links to free data.