Summary: The new data on Am Law 100 firms looks promising overall for the state of the legal market financially.
Recently released Am Law 100 data from ALM Intelligence and The American Lawyer sheds some light on how the top law firms faired financially this past year. With an average growth in gross revenue of 5.5 percent, things seem to be looking up for law firms. Net income also increased by 6.1 percent, headcount rose by 2.2 percent, revenue per lawyer increased by 3.2 percent, and profit per equity partner also jumped by 6.3 percent.
Not just one law firm went over $1 billion in gross revenue in 2017. There were a total of 31 firms that posted over $1 billion, four more law firms than in 2016. The American Lawyer reported on the latest numbers showing that Kirkland & Ellis had a big year while K&L Gates struggled.
A total of 85 law firms showed gains in 2017 compared to 82 in 2016. Kirkland & Ellis had the biggest gain of 19.4 percent, taking the top spot in gross revenue from Latham & Watkins, who had been on top for the last three years. Baker McKenzie kept its third place spot with DLA Piper and Skadden switching spots with DLA Piper now in fourth and Skadden in fifth this year.
Jones Day had a big drop from sixth place in 2016 to ninth place this year. K&L Gates had the largest decline in profit of 16.1 percent.
The American Lawyer chart rounds gross revenue figures to the nearest $1,000.
Do you think Kirkland & Ellis will hold on to the first place spot? Share your thoughts with us in the comments below.
To learn more about past gross revenue reports, read these articles:
- Survey Finds Profits and Revenue Increased at Large Law Firms
- Latham & Watkins Was 2014’s Top Grossing Firm
- Wells Fargo Private Bank’s Survey Shows Rate Increases Helped Gross Revenue
Chart: American Lawyer
Photo: law.com