The Billion-Dollar Club Is Chock Full of Firms With Large DC Footprints
Washington held its own in the latest Am Law 100 rankings.
April 23, 2019 at 05:36 PM
2 minute read
Seven 2019 Am Law 100 firms with their largest office in Washington, D.C., cracked $1 billion in annual revenues last year, placing them among the nation's top grossing 35 firms.
Those firms are Hogan Lovells (ranked seventh in the Am Law 100), Morgan, Lewis & Bockius (eighth), Jones Day (ninth), Wilmer Cutler Pickering Hale and Dorr (28th), Covington & Burling (29th), Akin Gump Strauss Hauer & Feld (30th), and Squire Patton Boggs (34th). Some of these firms are more typically associated with other markets—such as Philadelphia, Ohio and the Midwest—but they have their largest offices in D.C., according to available ALM data.
Read More: The Am Law 100 Reached New Heights, Driven by Nearly Universal Growth
Hogan Lovells, Morgan Lewis and Jones Day all saw revenue climb by 4 percent or more last year, but the D.C. firm in the 10-figure club with the most startling growth is Covington.
Revenues jumped more than 18 percent at Covington last year, helping the firm hurdle eight spots in the rankings to leapfrog D.C.-based competitor Arnold & Porter Kaye Scholer. With revenue growth of 1 percent last year, Arnold & Porter ranked 40th with revenues of $961.2 million.
Other firms with their largest offices in D.C. and Virginia were concentrated in the middle of the pack: McGuireWoods (49th), Pillsbury Winthrop Shaw Pittman (61), and Venable (65). Pillsbury's revenues grew 9.6 percent and Venable's revenues grew 5.5 percent, but each firm dropped one spot in the Am Law 100 this year.
Three brick-and-mortar institutions finished in the final 15 of the rankings, namely Williams & Connolly (86th), Crowell & Moring (95th), and Steptoe & Johnson LLP (96th). Crowell dropped 13 spots this year amid a 4.2 percent revenue decline, and could be in danger of becoming a Second Hundred firm if its revenue continues to decline as it has for the previous two years. Steptoe, meanwhile, maintained its ranking despite revenue growth of 3.7 percent.
Much of the D.C. market experienced a year of modest growth, with the biggest of Big Law continuing to remain competitive with their counterparts in New York and California.
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