There is good news for the Am Law 50 and mixed news for the broader industry in the 2013 results. Though the industry’s 2013 profits per equity partner (PPEP) growth of 3.5 percent fell short of 2012′s 4.3 percent increase, it’s a solid result, given the challenging demand environment we saw last year. Am Law 1–50 firms outperformed other segments in net income and PPEP growth and improved on their 2012 results. Firms with a large international presence outperformed the more U.S.–centric firms, with global firms, in particular, seeing the highest growth in profitability. The better news is that relative to the prior year, demand momentum picked up as 2013 progressed, and given positive economic indicators, we project that 2014 will be a stronger year for the legal industry than 2013.
These results are based on a sample of 180 firms (43 Am Law 50 firms, 37 other Am Law 100 firms, 46 Second Hundred firms and 54 additional firms). Eleven of these firms fit our definition of “global” (greater than 25 percent of lawyers based outside the United States). Nineteen are defined as “international” (less than 25 percent and more than 10 percent of lawyers based outside the United States). Citi Private Bank provides financial services to more than 600 U.S. and U.K. law firms and more than 35,000 individual lawyers. Each quarter, the Law Firm Group confidentially surveys firms in The Am Law 100 and Second Hundred, along with smaller firms. In addition, we conduct a more detailed annual survey and other studies throughout the year. These reports, together with extensive discussions with law firm management conducted on an ongoing basis, provide a comprehensive overview of financial trends in the industry and insight into where it is headed.
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