• Sunday, May 26, 2024
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BusinessDay

Revenue up 4.3 percent for top 100 law firms in a ‘solid, if unspectacular, year’

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The world’s top 100 law firms had collective revenues of $88.7 billion last year, an increase of 4.3 percent since 2012 and an increase of 11 percent since 2008 when BigLaw was still booming.

The American Lawyer (sub. req.) reported the figures Monday, saying they reflected “a solid, if unspectacular, year.” Other findings: Average profits per equity partner reached $1.6 million, an increase of 5.4 percent. But revenue per lawyer remained “broadly flat” at $787,000. The firms collectively employed more than 112,000 lawyers, an increase of 3.9 percent, and 22,000 equity partners, an increase of 3.4 percent. A press release summarizes the numbers.

The top five law firms by revenue (sub. req.) are:

1) Baker & McKenzie, with $2.54 billion in revenue

2) DLA Piper, with $2.481 billion in revenue

3) Latham & Watkins, with $2.285 billion in revenue

4) Skadden, Arps, Slate, Meagher & From, with $2.235 billion in revenue

5) Clifford Chance, with $2.125 billion in revenue

The American Lawyer report, notes that the international legal market “is becoming increasingly dominated by megafirms” and says there are now 30 firms with more than $1 billion in revenues, up from 16 firms in 2009.

—ABAJOURNAL