Credit: Knut/Adobe Stock More Big Law Firms Are Crossing Financial Milestones. How Much Do They Care?
Several law firm leaders have said they are often more concerned with per-lawyer or per-partner thresholds, compared with top-line milestones.
March 22, 2024 at 03:55 PM
5 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Firms may be more keenly focused on growth than ever. Yet it's the per lawyer financial milestones that arguably help them attract talent and boost prestige.
- Additionally, there's often more emphasis on a firm's long-term trajectory than annual metrics.
- 'We brought in great groups of great lawyers with great practices. And in a way, profits per partner and revenue per lawyer [gains] are a measure of that.'
An increasing number of large law firms are reaching new financial milestones, including Kirkland & Ellis crossing the $7 billion point in gross revenue and other Am Law 100 law firms crossing the $1 billion or $2 billion mark.
But as law firms rapidly grow in new practices and new markets, with gross revenues that may rival some clients, the top-line growth isn't what firm leaders may be most concerned about. Several firm leaders, from those firms in the top 25 through the Second Hundred, have said while they naturally pay attention to top-line markers, they're more often concerned with per-lawyer or per-partner thresholds, which mean more to their own talent as well as those who may be in the market. They also emphasized long-term trajectory over annual targets.
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