A U.K. Ranking of U.S. Firms
Bill Gratsch at Blawg's Blog points us to rankings of U.S. law firms published last week by the U.K. periodical Legal Week. Under the headline International Ambition Drives as US Top 50 Rakes in $40bn in 2006, the publication reports that income at the top 50 firms grew by an average of 12.2 percent in 2006, while profits per partner rose 11.4 percent.
At the top of the list was Skadden Arps Slate Meagher & Flom. The publication reported that it had revenue last year of $1.9 billion, a 20 percent increase over 2005. In profits per partner, Skadden ranked 10th at $2.15 million. In that category, top ranking went to New York firm Wachtell Lipton Rosen & Katz, with partners earning profits of $3.9 million. The firm with the greatest percentage of growth over the prior year was Dechert; its 2006 revenues of $728.8 million represented a 26.7 percent increase over 2005.
Among other key points Legal Week reports:
- "Internationally-committed firms were among the strongest performers, with Dechert, Jones Day and Fried Frank Harris Shriver & Jacobson experiencing the strongest profits growth."
- "Domestically-focused firms were hampered by a slowdown in New York securities listings, a drop in top-tier commercial litigation and a series of salary wars over the 12-month period, which have all hit profit growth."
- "Regionally, New York firms were generally outpaced by national rivals in terms of both revenue and profits growth. Firms based in Pennsylvania, including Philadelphia-based Dechert and Pittsburgh-based Reed Smith, saw the biggest growth in both turnover and profits."
- "The results ... demonstrate the depth of the US legal market. The 50th-ranked firm, Chicago’s Sonnenschein Nath & Rosenthal, would be placed 10th in revenue terms in the UK’s top 50 league."
Download the full list.
Posted by Robert J. Ambrogi on April 23, 2007 at 06:03 PM | Permalink
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