A quick question: By how much did average profits per equity partner at Am Law 100 firms increase last year–10.6 percent, 6.9 percent, or 1.5 percent?

If you chose 10.6 percent, we have some hot Internet stocks we’d like to sell you. That was the rate of profit growth at Am Law 100 firms in 1999, the last full year of the stock market boom. But the 1.5 percent figure is wrong too. That was the rate of profit growth at Am Law 100 firms in 1992, the last time the economy languished in the second year of a downturn. The correct number is 6.9 percent–much closer to the 1999 rate than the 1992 rate. And The Am Law 100′s other results are strong too: Gross revenue increased by 8.5 percent and revenue per lawyer rose by 4 percent. (In 1992 revenue per lawyer at Am Law 100 firms grew by 4 percent as well, but gross revenue rose by only 3 percent.)

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