How DC Firms Stack Up in the Am Law 100
All in all, it was a strong revenue year for big law firms in Washington and beyond.
April 24, 2018 at 03:12 PM
3 minute read
The 2018 Am Law 100 rankings of the country's highest-grossing law firms are finally here, and once again Washington, D.C., has held its own on the list—including both D.C.-founded firms and others with a strong center of gravity in the city.
See Also: The 2018 Am Law 100
Washington's homegrown firms grew their revenue and remained competitive at a time when market consolidation and political turmoil created uncertainty for lawyers everywhere to tap.
The country's growing economy also served firms well in 2017, with the gross revenue threshold to crack the top 100 rising to $349 million in this year's rankings.
Arnold & Porter Kaye Scholer was 36th in the 2018 rankings, with $951.5 million in gross revenue in 2017. Legacy Arnold & Porter ranked 55th in 2016, before its merger with Kaye Scholer.
Covington & Burling improved three places to 37 on this year's list, one spot behind Arnold & Porter. Covington, which expanded into the United Arab Emirates and South Africa last year, saw its gross revenues rise by $100 million. Covington's international growth has continued in 2018, as it absorbed a German firm last month.
A pair of firms in the second 50 slid in the rankings, with Crowell & Moring falling from 75 to 82 and Steptoe & Johnson LLP dropping two spots from 94 to 96. Crowell & Moring saw its revenue slip 3.6 percent, to $418.7 million, but still showed positive five-year trend data in revenues and profits. Steptoe's revenues grew 3.7 percent last year, to $368.9 million, but a strong performance from other top firms made the firm one of the final five to make the cut.
Michael McKenney, D.C. managing director of Citi Private Bank's Law Firm Group, told The National Law Journal in February that Washington had cemented its reputation in 2017 as a “destination market” for big firms, with one of its best years since the onset of the financial crisis in 2007.
Read more:
The Big Picture: Law Firms Rose to the Challenge in 2017
The Super Rich Made Big Gains Over Competition In Last Decade
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