2023 Am Law 200 Outperforms Larger Firms: The Morning Minute
Want to get this daily news briefing by email? Here's the sign-up. WHAT WE'RE WATCHING SECOND TO NONE - The Am Law 200 rankings are here.…
May 24, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
SECOND TO NONE - The Am Law 200 rankings are here. And while it's not a competition between the Second Hundred and the First Hundred, it also so totally is!!! And for most of recent history, the higher-ranked Big Law firms—those with more scale, scope and resources—have come out ahead. But not last year, Law.com's Patrick Smith reports. In an expected year of regression after a fiscal 2021 that is consistently called an "anomaly," the Am Law 200 firms (those ranked from No. 101-200) posted a collective 4.1% revenue growth in 2022, easily outpacing the 2.7% gains the Am Law 100 firms had, while also besting the first 100 in revenue per lawyer, profits per equity partner and most other financial metrics used to measure success.
COMPETITION AND CULTURE - It isn't only Big Law that's trying to nail down the true meaning of "culture" in a post-COVID work environment. Plaintiffs bar leaders are also weighing hybrid vs. in-office work policies, emphasizing collaboration as well as the training of younger attorneys and redefining big-picture goals. While the bar tends to be highly competitive externally when it comes to trial leadership committees and landing court victories, plaintiffs firms internally emphasize team work, integration and the joint mission to fight for a higher cause as the magic glue to firm integrity, Law.com's Christine Schiffner reports. For example, the idea of "individual accountability and collective success" paired with preparation, dedication and hard work are some of the core values at Lieff Cabraser Heimann & Bernstein, according to managing partner Steven Fineman. "We define culture as inclusive, supportive, where intellectual rigor on behalf of clients and service of social justice go hand in hand."
ON THE RADAR - Sidley Austin filed an antitrust lawsuit Tuesday in California Northern District Court on behalf of wholesaler Tundra Inc. The complaint brings claims against Faire Wholesale Inc., which allegedly uses 'unfair, anticompetitive, and exclusionary tactics' to dominate the market for online wholesale marketplaces. According to the complaint, Faire's tactics include prohibiting retailers that buy a given brand's products on the Faire website from doing business with that brand elsewhere. Counsel have not yet appeared for the defendant. The case is 3:23-cv-02513, Tundra, Inc. v. Faire Wholesale, Inc. Stay up on the latest deals and litigation with the new Law.com Radar.
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