Law Firms
In the Second Tier, Law Firms Post 8 Percent Revenue Gains
Posted May 30, 2008, 07:47 am CST
By Debra Cassens Weiss
Law firms in American Lawyer’s list of Second Hundred law firms (sub. req.) had 8 percent gains in revenue last year, but they still lag behind the law firms that made the top 100 list.
Average gross revenue was $170.5 million for Am Law Second Hundreds firms, compared to $644.5 million for firms in the top 100, the American Lawyer reports. The average Second Hundred firm has 289 lawyers, compared to 778 lawyers for the average Am Law 100 firm.
Despite their smaller size, some Second Hundred firms do well when the focus is on lawyer profits. In terms of revenue per lawyer, 28 of the smaller firms rank in the top 100, and in terms of profits per partner, 28 also rank in the top 100.
The Am Law Second Hundred firms with the best lawyer profits tend to focus on litigation or intellectual property, or are based in New York, the article says. They include Boies Schiller, with profits per partner of $3.2 million; Irell & Manella, with revenue per lawyer of $1.2 million; and Munger Tolles & Olsen, with revenue per lawyer of $1.14 million.
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