Am Law 100 Posts Big Gains in Revenue, Profits in 2017
The American Lawyer Publishes its 31st Annual Ranking of 100 Highest-Grossing Law Firms
New York, NY – April 24, 2018 — The American Lawyer has released the 2018 Am Law 100 data, providing a detailed look at the financial health of an industry that exhibited its highest growth in key financial metrics since the fiscal year 2010.
This year’s Am Law 100 data shows gross revenue grew 5.5 percent on average, net income increased by 6.1 percent, profit per equity partner grew by 6.3 percent, revenue per lawyer moved up 3.2 percent, and headcount rose 2.2 percent.
The 2018 Am Law 100 data, along with several articles analyzing the results, will be made available in the May 2018 print issue of The American Lawyer, and online at https://www.law.com/americanlawyer/. The information is available for online purchase at https://www.lawcatalog.com/ProductDetail/17595/Am-Law-100. In June 2018, The American Lawyer will publish its rankings of the second hundred largest firms. Since its introduction in 1987, the Am Law 100 has been the definitive public ranking of financial performance for the country’s largest law firms.
“The 2018 Am Law 100, which tracks law firm financial performance for fiscal year 2017, paints a picture of prosperity,” said Gina Passarella, Editor-in-Chief of The American Lawyer. “Despite increasing pressures on price and demand, more firms saw growth in revenue and profits in 2017 than they did in the prior year. A closer look at the data shows the firms toward the top of the 100 are growing at faster rates than the bottom half of the list, continuing a trend of stratification we have seen building over years. But all in all, most firms figured out a way to show increasing returns in 2017.”
ALM Intelligence assisted in compiling the Am Law 100 data with the use of Legal Compass and provided analysis in conjunction with The American Lawyer for it’s May issue.
“One trend that is clear in this year’s data is that management and execution are the most important components of success,” said Nicholas Bruch, Senior Analyst at ALM Intelligence. “We see some segments of the market doing better than others, but within every segment there are firms outperforming their competitors. That tells us that strategy and market positioning are important, but they aren’t determinative. The one thing successful firms have in common is that they are focusing on the small things. Ultimately the Am Law data tells a story of the increasing importance of managing costs, utilization and a whole range of other operational metrics.”
About the Am Law 100
The American Lawyer’s Am Law 100 has been recognized as the definitive public ranking of financial performance for the nation’s largest law firms since its introduction in 1987. (The Am Law 50 was introduced in 1985 and the Am Law 75 was first published in 1986.) Am Law 100/200 metrics are primary benchmarks for law firms seeking to assess their competitive position in the marketplace.
About ALM Intelligence
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