Baker, DLA Are Highest Grossing Firms; Wachtell Has Top PPP at $4.46M
Posted Oct 1, 2012 8:36 AM CDT
By Debra Cassens Weiss
Total revenues at the top 100 grossing law firms jumped 6.8 percent last year to an all-time high of $81.9 billion.
Baker & McKenzie remains the top grossing firm in this year’s Global 100, with $2.313 billion in gross revenue, according to the American Lawyer. Second is DLA Piper, with gross revenue of $2.247 billion, surpassing Skadden, Arps, Slate, Meagher & Flom.
Both Baker & McKenzie and DLA Piper use the verein holding structure, which allows law firms to merge without integrating financially, the American Lawyer reports. Seven firms in the Global 100 use this structure, fueling growth that helped boost average revenue for the entire list of top firms.
“The Global 100 are clearly getting more global,” according to a press release summarizing the findings, “as the number of firms with offices in 10 or more countries rose from 20 to 24 and those with at least half their lawyers based outside their home country up from nine to 14. Many of the new foreign offices and lawyers are in Australia.”
Meanwhile, Wachtell, Lipton, Rosen & Katz has the top profits per partner at $4.46 million, according to an American Lawyer chart. In second place is Quinn Emanuel Urquhart & Sullivan, with $4.16 million, followed by Sullivan & Cromwell, with $3.22 million.