Image: ShutterstockEarly Reports: The 2020 Am Law 100/200 Firm Financials
A collection of all our reporting on how law firms fared in 2019, updated continuously.
April 16, 2020 at 10:00 AM
16 minute read
We're hard at work reporting on how Big Law fared in 2019, in advance of our Am Law 100 report in late April and the Am Law 200 report in late May. The industry is anticipating impressive results, and we'll be keeping a close eye on how the numbers track as we learn more. This page will be updated as stories are published, so bookmark it as your best resource to stay up to date on how law firms fared last year, and what you can expect going forward.
Wilmer Grows Profits Per Partner, Revenue Per Lawyer as Head Count Dips
The firm's profits per partner have doubled over the last decade, while head count continued a gradual slide last year.
After a Record Year, Venable Cuts Pay, Furloughs Some Staff to 'Prudently Prepare'
"We have taken steps to tailor staffing needs to the current environment," the firm said in a statement.
Buoyed by 2019 Growth in Profits, McGuireWoods Now Aims 'to Take Care of Our People'
The firm's conservative approach to growth and lack of reliance on rate increases have put it in a solid position amid the coronavirus pandemic, managing partner Tracy Walker said.
A Spike in Revenue, Followed by Pay Cuts: Arent Fox Reflects the Industry's Turn
The firm's strong performance in 2019 had leaders eying new markets, including a presence in Chicago. Now it is cutting pay across the board.
Capitalizing on Texas Niche, Jackson Walker Sets Record Revenue in 2019
Despite the challenges stemming from the new coronavirus, managing partner Wade Cooper said practices including labor and employment, health care, real estate and finance remain busy.
Seyfarth Eyes New Seattle and Dallas Outposts After Strong 2019
The firm is hoping to formally announce a Seattle debut later this year.
Paul Weiss Revenue and Profits Slip, Chairman Points to Busy 2020
"Our average profit per partner last year was $4.7 million, so I don't think anyone is going to start a GoFundMe page or hold a telethon for Paul Weiss partners," said chairman Brad Karp.
Clark Hill Posts Flat Year, Pointing to Integration With Texas Firm
Revenue at Clark Hill barely grew in 2019, but CEO John Hern said demand was strong in multiple practice areas.
Katten Sees Revenue Climb Despite 'Sluggish' Start and Partner Exits
Katten Muchin Rosenman chair Roger Furey said the firm bounced back from a slow start to 2019 to achieve a strong finish.
Ballard Spahr Held Revenue Flat Last Year as Partnership Contracted
Gross revenue grew just slightly and partner profits were flat, as the firm dealt with some overcapacity.
Kirkland's Reign Continues as Firm Hits $4 Billion in Revenue
The average profits generated by each of Kirkland's equity partners grew again.
Bryan Cave Leighton Paisner Sees Returns Dip in First Full Year After Combo
But firm leaders on both sides of the Atlantic said that factoring in BCLP's performance in the final nine months of 2018, the post-merger picture was more than encouraging.
IP, Products Liability and Political Law Pushed Perkins Coie Toward Growth in 2019
The firm's gross revenue was up 8.5% from 2018, while head count crossed the 1,000-attorney threshold.
Amid Energy Investment Slowdown, Thompson & Knight Feels Revenue, Profit Pinch in 2019
Bankruptcy is one practice that started slow at Texas firm Thompson & Knight in 2019, then picked up as the year went on.
Fried Frank Extends Growth Streak With Double-Digit Revenue, Profit Gains
Chairman David Greenwald said the firm's litigators had a particularly busy year.
Fish & Richardson Sees Revenue and Profits Jump as Head Count Slips
Outgoing CEO Peter Devlin acknowledged grappling with IP and litigation practice headwinds as a firm, but said Fish had "bucked those trends."
Willkie's Revenue and Profits Grow Amid Nonequity Tier Expansion
Willkie retained "virtually all" of Gordon Caplan's clients, with his departure from the college admissions scandal having "no impact on the financial results of the firm," firm leaders said.
Winston & Strawn Cracks $1 Billion, Shifting to More Transactional Work
The Chicago-based firm has been investing heavily in its transactional practices for the past few years, with revenue now matching that of its litigation side.
Jenner & Block Reverses Revenue Slide Amid In-House, Government Departures
Halting four years of declines, Jenner & Block grew its top line slightly and boosted per-lawyer revenue and profits.
Cahill Bounces Back on Leveraged Finance Strength After Financial Year 'Anomaly'
A resurgence in leveraged finance work, plus the lawyers' "blood, sweat and collections," helped push Cahill's profits per partner past $3.8 million last year, said the firm's chairman.
Paul Hastings Posts 4% Revenue Gain as Head Count Stays Flat
The firm's growth slowed last year after a particularly strong 2018.
Proskauer's Revenue Crosses $1B Amid Growing Puerto Rico Workload
More firm lawyers than ever worked on Puerto Rico's reorganization, while Proskauer's London office revenue increased by 18.5%.
In First Year After Merger, Nelson Mullins Posts Big Revenue, Profit Gains
The increase in profits per partner—which came as the firm increased its nonequity partner ranks—pushed the firm back over the $1 million mark.
Fenwick Rides Tech, Life Sciences Deal Boom to a Second Year of Revenue, Profit Spikes
The firm's gross revenue increased 9.8% while profits per partner and nonequity compensation shot up by double digits.
After a rare contingency case added $22 million to the firm's bottom line in 2018, CEO and managing partner Andrew Glincher says the firm's financial performance in 2019 actually exceeded expectations.
Government Shutdown, Energy Slowdown Made for a Flat 2019 at Haynes and Boone
Demand at the Texas firm increased substantially during the second half of the year, but couldn't fully make up for a slow start.
Focusing on Pricing, Project Management, McCarter Steps Back in Census and Revenue
Years into what leaders call a process to emphasize the business aspects of operating a law firm, McCarter & English posted year-over-year declines in gross revenue and attorney head count, while improving in revenue per lawyer and
'Power Alley' Practices Push McDermott to New Revenue, Profit Highs
The firm posted double-digit revenue gains as its fast-growing equity tier surpassed $2 million in profits per partner.
Weil, Advising on Big Bankruptcies, Sees Revenue and Profits Climb
Total hours billed by lawyers fell about 3.8%, but the firm's pullback in Central Europe and its growth in higher-rate markets meant more revenue could be derived from a similar number of hours, the firm's leader said.
Buoyed by Young Partners, Davis Wright Tremaine Posts Near-Double-Digit Revenue Gain
The firm's 2019 performance caps a decade in which Davis Wright Tremaine grew gross revenue by $138 million, or nearly 50%.
After Two Years of Revenue Drops, Crowell Sees Financial Rebound
Returning to growth, Crowell reported a strong year in both base business and contingency-fee matters.
Jackson Lewis Sees Profits Rise Amid Investments in Charlotte and California
Revenue from its California practice grew by 15% to 20% last year, while the firm continues to invest in its data analytics team.
Sidley Sees Gains in Revenue, Partner Profits as Equity Tier Dips
The firm has seen its revenue grow by close to $1 billion since 2011.
Sheppard Mullin Revenue Jumps 13% Amid Growth in Equity Tier, Texas Launch
The firm grew its revenue to $799 million and saw its profits per equity partner rise 6.6% last year.
Blank Rome Boosts Revenue on Steady Head Count, Joins $1M PEP Club
The firm saw revenue increase 7%, and profits per equity partner 8.1% as head count remained steady and the equity partner tier shrank.
At Wilson Sonsini, M&A, Tech and Life Sciences Fuel Big Gains
Managing partner Douglas Clark said the firm enjoyed strong client demand in a year when it was also investing heavily for the future.
Alston Boosts Partner Profits as Revenue Per Lawyer Exceeds $1M
Litigation work was up across the board, said Alston's chairman, Richard Hays, and demand increased for significant transactional work in several key, high-value practices.
Shearman Sees Revenue Inch Up Amid Strategy to 'Reshape' Business
"You're seeing a drop in hours but an increase in revenue and profitability, which is exactly what we're trying to achieve," said senior partner David Beveridge.
Chasing High-End Work, Vinson & Elkins Sees Profits Soar in 2019
Chair Mark Kelly said the firm improved its financials by going after more sophisticated matters, resulting in 6.1% revenue growth.
Reed Smith Boosts Revenue, Partner Profits in 'Excellent' 2019
Global managing partner Alexander "Sandy" Thomas said the firm posted record highs in its three most important metrics: revenue per lawyer, profits per partner and gross revenue.
Partner profits were also up significantly in what chairman Richard Trobman called an "absolutely amazing year."
Some receivables that would normally come in December arrived in January, reducing 2019 revenues, but the firm's London office revenues were one particularly bright spot.
Busy Litigation Docket, Big Deals Drive Gains at O'Melveny & Myers
In a year that saw long-running merger talks with Allen & Overy finally end up nowhere, the firm grew revenue by 4.3% and boosted profits per equity partner by 2.4%.
The firm has seen strong revenue growth for several years in a row, but this year revenue per lawyer was also up significantly.
Beating the Pack on Client Demand, Mayer Brown Boosts Revenue, Profits
The firm plans to emphasize U.S. growth in coming years, especially in California and New York.
Debevoise Cracks $1B in Revenue in Third Straight Year of Major Growth
Debevoise managed to increase its profit margin and its leverage in 2019.
Duane Morris Posted Revenue, Profit Gains While Courting Merger
The firm grew revenue 3.8% and profits per equity partner 5.1% amid talks for its recent combination with Satterlee Stephens.
Every department at the firm exceeded revenue targets for 2019, managing partner John Martin said. But profitability declines continued.
Gibson Dunn Revenues Hit $2B in Another Double-Digit Growth Year
"It was a fabulous year," said chairman Kenneth Doran, as the firm closes in on a quarter-century of nonstop growth.
Hogan Lovells Hiked Revenues Again in Immelt's Last Full Year as CEO
CEO Steve Immelt said balanced growth across the global firm's practices drove a seventh straight year of revenue gains.
Capital Markets, US Gains Fuel Revenue Boost for White & Case
Revenue rose 6.6% as a slightly smaller equity tier saw partner profits increase 8.25%.
Troutman Posts Revenue and Profit Growth as Merger With Pepper Hamilton Nears
"When you look across the firm, we are firing on all cylinders," said managing partner Stephen Lewis.
Goodwin Procter's Focus on PE, Tech and Life Sciences Fuels More Revenue Gains
Technology and life sciences deals continue to drive big gains for Goodwin, which boosted revenue by 11% last year.
Leaner Baker & Hostetler Sees Revenue Growth Across Practices
The firm started the previous year with five practice areas. All of them boosted revenue, leading to a near double-digit increase firmwide.
Lowenstein's Earnings Spike Amid Gains in Head Count, Revenue Per Lawyer
Lowenstein Sandler posted year-over-year improvements in all financial metrics for fiscal 2019, including an 11% leap in gross revenue.
Head Count Growth Drives Revenue Gains at Saul Ewing as Firm's Footprint Spreads
Still adjusting to a 2017 merger that brought the firm a Midwest and Florida presence, Saul Ewing also added a Minneapolis group in 2019.
Clients are increasingly willing to pay premium rates for high-value work, said global and Americas co-chair Roger Meltzer.
Covington, Playing the Long Game, Closes In on $1.2B in Revenue
Gross revenue climbed 6.3% in 2019, and profits per equity partner went up 3.9% despite a growing equity partner tier.
Akin Gump Continues 10-Year Revenue Climb as Partner Profits Jump
Firm chair Kim Koopersmith said a 3% increase in revenue per lawyer, along with a 2.8% jump in lawyer head count, are positive signs for the firm's future.
Chairman Henry Walker said net income exceeded budget by 20%.
The firm's leader credited a strategy that prioritized U.S. dominance over international reach and said the firm will double down on the U.S. focus in the coming years.
Cooley Caps 10-Year Growth Streak With Big Revenue Boost, Big Hires
The firm, which nearly tripled its revenue in the last decade, called 2019 an "amazing" year for deal work.
Cadwalader Sees Another Profit Hike, Amid Strategic Focus on Financial Industry
The profit surge comes as Cadwalader closed its Brussels office and saw another down year in London office revenue.
Revenue Dips at Locke Lord, RPL Up Slightly, as Head Count Declines
The Dallas-based firm posted another year of declining head count, losing 4.6% of its lawyers in 2019.
The growth in 2019 was a bit slower than the double-digit profit and revenue increases the firm reported in 2018, but firm chairman Bowman Brown was pleased with the results.
Orrick's Partner Profits Break $2 Million, Firm Posts Double-Digit Revenue Growth
Orrick's profits per equity partner grew by 14% last year as its large institutional clients entrusted the firm with more work.
While the firm saw strong performance across the board, CEO Henry Nassau singled out the real estate, finance and products liability practices as key drivers.
Brownstein Hyatt managing partner Richard Benenson said the firm's D.C. office and its gaming, natural resources, litigation and middle-market M&A practices all helped drive double-digit revenue growth.
Partner Profits Hit $3M at King & Spalding After Decade of Growth
The firm hit new highs in revenue and profits per equity partner as it continued making high-profile hires from the Trump administration.
Hanson Bridgett, a Likely Am Law 200 Addition, Appoints First Female MP
Kristina Lawson, who has been a partner at the firm for three years, says she hopes to bring her experience serving the public, as a city council member and mayor of Walnut Creek, to her new leadership position.
The firm also reported growth in profits and increased its head count, exceeding 1,000 lawyers.
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