Only a year ago news about the Second Hundred—firms number 101 to 200 on The American Lawyer’s list of the nation’s top-grossing firms—focused on personnel growth. The firms were adding head count—partners and associates—and betting that there would be more work for more lawyers. A year later, it looks as though that gamble didn’t pay off across the board. Instead, a small set of firms scored positive financial results that belie their size. For many of the others, in 2013, flat results were the new success story.
On average last year, firms improved their top line by 2.6 percent, to $19 billion, a new record. And, in percentage terms, revenue per lawyer (RPL) jumped 2.5 percent, to $626,784. But hardly any of that revenue dropped to the bottom line. Average profits per equity partner (PPP) barely grew, gaining $4,734, or just 0.7 percent, to $701,310. That modest gain came as the number of equity partners in the Second Hundred dropped by 30 lawyers.
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