2022 Profit Report: Biglaw Firms Thrive Despite Doom and Gloom Predictions

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The legal industry has been relatively stable despite some high-profile layoffs and stealth layoff tactics. Although there are predictions of an upcoming layoff storm, firms with a diversified practice may not suffer as much as previously thought.

Recently, there have been leaks about the final 2022 numbers, and the news has been positive. Paul Hastings, for example, reported $4.7 million in profits per equity partner in 2021 and recently announced that its profits had increased in 2022. Vinson & Elkins also reported that their financial performance was “trending positively” for the year, and Baker Botts beat its 2021 gross revenue figures by 4%, according to the American Lawyer.

In several weeks, the Am Law 100 report will be released, which provides the best insight into the financial health of top law firms. This year’s report is expected to be particularly interesting as it will highlight the split between the “haves” and “have-not-quite-as-much.”

  

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While 2022 may be a year of unpredictable revenue numbers, it may also be an inflection point where some firms will distinguish themselves as better adapted to the post-pandemic business climate. This could result from their ability to adapt and thrive in a changing environment.

In conclusion, despite some predictions of economic turmoil, the legal industry has remained steady, and many firms have even reported increased profits. The upcoming Am Law 100 report is expected to shed more light on the financial health of top law firms and how they have adapted to the post-pandemic business climate.

REFERENCES:

After Months Of Doom & Gloom, Maybe Biglaw Firms Still Made Massive Profits In 2022