The profitability index looks at a firm’s ability to convert revenue into profits. This metric seeks to demonstrate which firms best balance leverage and profit margin for the highest possible profits per partner. The goal is to ascertain which firms most efficiently translate revenue into profits per partner.

We calculate the profitability index by dividing profits per partner by revenue per lawyer. Leverage is the ratio of all lawyers (minus equity partners) to equity partners. The profit margin is the ratio of net income to gross revenue multiplied by 100. For more details, see “A Guide to Our Methodology,” page 123.

RANK FIRM 2009 PROFITABILiTY INDEX LEVERAGE PROFIT MARGIN
1 Quinn Emanuel 2.97 4.17 58
2 Paul, Weiss 2.64 4.63 47
3 Kirkland & Ellis 2.47 4.23 47
4 Cleary Gottlieb 2.45 4.17 47
5 Cadwalader 2.41 6.49 32
6 Boies, Schiller 2.33 6.06 33
7 White & Case 2.31 5.80 34
8 Cravath 2.28 4.18 44
8 Weil, Gotshal 2.28 5.59 35
10 Simpson Thacher 2.19 3.45 49
11 Willkie Farr 2.16 3.41 49
12 Dechert 2.15 4.28 41
13 Schulte Roth 2.14 3.68 46
14 Sullivan & Cromwell 2.09 3.19 50
15 Milbank, Tweed 1.98 3.49 44
16 Latham & Watkins 1.96 3.23 46
17 Paul, Hastings 1.93 3.75 41
18 Debevoise & Plimpton 1.92 3.76 40
19 Greenberg Traurig 1.91 4.85 33
19 Skadden 1.91 3.28 45
21 Gibson, Dunn 1.89 2.46 54
22 Dewey & LeBoeuf 1.86 4.86 32
23 Baker & McKenzie 1.85 4.48 34
24 Kramer Levin 1.76 3.95 35
24 Shearman & Sterling 1.76 3.41 40
26 Wilson Sonsini 1.73 3.84 42
27 Baker Botts 1.72 2.88 44
28 Sidley Austin 1.71 4.22 33
29 King & Spalding 1.70 4.27 32
29 Wachtell 1.70 1.69 63
31 Davis Polk 1.69 3.05 42
32 Sheppard, Mullin 1.65 5.22 26
33 Orrick 1.64 4.44 30
34 Goodwin Procter 1.61 3.03 40
34 Ropes & Gray 1.61 2.59 45
36 Katten Muchin 1.58 3.31 37
37 Mayer Brown 1.57 5.05 26
37 Vinson & Elkins 1.57 2.36 47
39 Bingham McCutchen 1.55 4.73 27
39 Chadbourne & Parke 1.55 3.58 34
41 Winston & Strawn 1.54 3.58 33
42 O’Melveny & Myers 1.53 2.95 39
43 DLA Piper US 1.52 4.87 26
43 McDermott Will 1.52 2.80 40
43 Morgan, Lewis 1.52 4.00 30
43 Reed Smith 1.52 3.53 34
47 Hughes Hubbard 1.48 3.18 36
48 Akin Gump 1.47 3.26 34
48 Proskauer Rose 1.47 2.96 37
50 Kaye Scholer 1.46 2.43 43
50 Shook, Hardy 1.46 3.54 32
52 Cooley Godward 1.45 3.13 35
53 Fried, Frank 1.44 2.53 41
53 Hogan & Hartson 1.44 2.91 37
55 K&L Gates 1.42 4.78 25
56 Bracewell & Giuliani 1.40 3.17 34
57 Alston & Bird 1.36 4.39 25
57 Crowell & Moring 1.36 3.46 30
59 Fish & Richardson 1.35 2.84 35
60 Covington & Burling 1.34 2.12 43
60 McGuireWoods 1.34 3.86 28
60 Patton Boggs 1.34 3.59 29
63 Locke Lord 1.31 3.06 32
64 Jenner & Block 1.30 2.36 39
64 Morrison & Foerster 1.30 2.93 33
66 Dickstein Shapiro 1.27 3.93 26
67 Haynes and Boone 1.26 2.56 35
68 Jones Day 1.24 2.10 40
68 Mintz, Levin 1.24 4.31 23
68 Perkins Coie 1.24 3.89 25
71 Squire, Sanders 1.22 4.55 22
72 Finnegan, Henderson 1.20 2.51 34
72 Howrey 1.20 3.49 27
74 Duane Morris 1.19 3.72 25
74 Edwards Angell 1.19 5.88 17
74 Holland & Knight 1.19 3.89 24
77 Arnold & Porter 1.18 1.93 40
77 Foley & Lardner 1.18 4.26 22
77 Hunton & Williams 1.18 2.52 33
77 Pillsbury Winthrop 1.18 2.83 31
81 Troutman Sanders 1.16 2.61 37
81 Venable 1.16 2.28 35
83 Fulbright & Jaworski 1.15 1.73 42
84 Wilmer 1.14 2.02 38
85 Bryan Cave 1.13 3.93 32
85 Cozen O’Connor 1.13 2.48 33
87 Husch Blackwell 1.11 2.32 33
88 Seyfarth Shaw 1.10 2.29 34
89 Sonnenschein 1.08 3.82 22
89 Steptoe & Johnson 1.08 1.83 38
91 Dorsey & Whitney 1.07 2.12 34
92 Baker & Hostetler 1.06 3.07 26
93 Pepper Hamilton 1.04 2.38 31
94 Blank Rome 1.02 2.14 32
95 Drinker Biddle 1.01 2.22 31
95 Nixon Peabody 1.01 2.35 30
97 Williams & Connolly 0.97 1.25 43
98 Davis Wright 0.90 1.30 39
99 Littler Mendelson 0.88 1.57 34
100 Faegre & Benson 0.86 1.05 42