Latham soars to top of Am Law 100 list with record $2.6B in revenue
Latham & Watkins for the first time has taken the top spot in the annual Am Law 100 rankings, after booking $2.6 billion in gross revenue in 2014.
That is the the highest amount ever earned by an Am Law 100 firm, the American Lawyer (sub. req.) reports.
The $2.6 billion brought in by Latham represented a 14-percent annual earnings increase for the 2,100-attorney Los Angeles-based international law firm. It had an average profit per partner of $2.9 million in 2014.
Overall, 2014 revenue for the top 100 law firms, ranked in order of the amount of money they brought in, was up by 4.6 percent since 2013, the annual American Lawyer (sub. req.) survey found. A total of 27 law firms earned $1 billion or more, up from 23 in 2013.
However, that revenue increase was disproportionately attributable to work by law firms at the top of the list, reports the Wall Street Journal Law Blog (sub. req.).
“There’s never ever been a bigger spread between the super-duper elite firms and those at the bottom of the AmLaw 100,” editor in chief Kim Kleman of American Lawyer told the Wall Street Journal. “Quite simply, those at the top are taking business from those at the bottom.”
Following Latham in the list of highest-earning law firms last year were Baker & McKenzie; DLA Piper; Skadden Arps Slate Meagher & Flom; Kirkland & Ellis; and Jones Day.
Am Law Daily (sub. req.): “Thinking Beyond the Am Law 100 Rankings”