(Photo: Adobe Stock) After Another Big Year, Law Firms Should Plan for Recession
Planning for the downturn in a clear, methodical way by investing the existing good fortune that most firms enjoy into strengthening your technical infrastructure, trimming expenses, and rethinking how administrative services are delivered to the attorneys.
June 10, 2022 at 12:09 PM
6 minute read
This article appeared in Accounting and Financial Planning for Law Firms, an ALM/Law Journal Newsletters publication covering all financial aspects of managing law firms, including: building a law firm budget; rates and rate arrangements with clients; coordinating benefits for law firm partners; and the newest strategies to grow your firm and your career.
Looking at the 2021 AmLaw 200 results, overall, the AmLaw 200 did very well last year. Among other benchmarks, the AmLaw 200:
- Posted the biggest YOY increases in revenue, RPL, and PEP in more than 10 years.
- Gross revenue increases more than 9%.
- RPL increased more than 7%.
- PEP increased by approximately 12%.
While the AmLaw 200 results were quite impressive, 2021 continued the cycle of the AmLaw 100 firms continuing to widen the gap between themselves and the "other" 100.
- Gross revenue in the AmLaw 100 increased by approximately 15%.
- RPL in the AmLaw 100 increased by 12.5%.
- PEP increased by 20%.
Perhaps the most startling measure of the gap was that two AmLaw 100 firms increased their YOY gross revenue by more than the combined increase of all the AmLaw 200 firms.
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