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MEGA MARGINS - By now, there have been plenty of consultancy reports detailing how law firms were able to slash their way to huge profit growth and salvage their 2020 fiscal years. But actually seeing what that profit growth looks like on a firm-by-firm basis is still liable to make you spit out your Folgers. As Law.com’s Dan Packel reports, a number of U.S. law firms posted equity partner profit boosts that were double the rate of their revenue growth, according to an early analysis of nearly half the names from last year’s Am Law 200 rankings. And while pandemic-induced cost-cutting was surely a major driver of those increases, it’s also worth noting that in both the Am Law 50, and in the Second Hundred, a notable number of firms saw the size of their nonequity partnership tier expand by a significant amount over the past year.
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