Am Law 200 Rankings Bring Mixed Results for New York Firms
Two Second Hundred firms in New York saw their revenue drop, two ascended to the Am Law 100 via mergers, and one enjoyed a staggering 49 percent rise in revenue.
May 22, 2018 at 04:41 PM
5 minute read
New York-based firms in the bottom half of the Am Law 200, a group that includes several midsize to large firms, saw a wide disparity in performance in 2017, from double-digit increases in profits to deep dives in revenue.
That's consistent with the broader trends of the latest Am Law 200 rankings, released Tuesday, in which 22 Second Hundred firms had revenue growth of 5 percent or more, but 32 firms saw revenue shrink. For those law firms especially, it was a very different year than for many firms clustered at the top of the Am Law 100 that saw impressive gains last year, including several Wall Street firms.
Revenue decreased at two of the eight New York firms in the Second Hundred that are not new to the rankings this year, while some other firms saw modest upticks. Two law firms saw profits per equity partner drop, while others saw moderate to high increases.
A few firms clearly had a great financial year.
Kobre & Kim, for instance, continued to soar in all metrics, with gross revenue rising 49 percent to $150.2 million, revenue per lawyer up about 25 percent to $1.63 million and profits per partner up 29 percent to about $2.49 million. The firm shot up 26 slots in the Am Law 200 rankings, to No. 165.
At the 187th rank, Syracuse-founded Bond Schoeneck & King's gross revenue grew 6 percent to $109.8 million, while its revenue per lawyer and profits per partner each jumped at least 13 percent, to $436,000 and $423,000, respectively.
At Patterson Belknap Webb & Tyler, gross revenue ticked up 3.9 percent to $192.8 million, profits per partner grew 4.3 percent to about $1.66 million, and revenue per lawyer surged 7.7 percent to $1.11 million. The firm moved up five places in the rankings to No. 147.
A few other firms saw flat to modest performances.
For instance, Hughes Hubbard & Reed, which saw double-digit drops in revenue and profits per partner in 2016, largely treaded water in 2017. Gross revenue inched up 1 percent to $325.3 million, and profits per equity partner were flat, at about $1.63 million. Revenue per lawyer rose 1.2 percent to $1.12 million. The firm moved down a slot in the rankings to No. 104.
At Kasowitz Benson Torres, which saw several partners exit in 2017 amid a torrent of media attention from its representation of President Donald Trump, gross revenue was flat at about $216.76 million. Revenue per lawyer fell about 1 percent to $815,000 and profits per equity partner rose by 3.4 percent to $1.9 million. The firm moved up one place to No. 136.
Kelley Drye & Warren, after a strong 2016, saw gross revenue and revenue per lawyer stay mostly flat, at about $242.2 million and $827,000, respectively, earning it a rank of 124. After a 15 percent increase in the number of equity partners, average profits per partner decreased slightly to $890,000.
Meanwhile, Stroock & Stroock & Lavan and Curtis, Mallet-Prevost, Colt & Mosle both saw revenue declines.
At Stroock, gross revenue dropped 7 percent to $251 million last year, moving the firm down three slots in the rankings to No. 119. Revenue per lawyer increased about 2 percent to $1 million, amid a head count drop. Profit per equity partner shot up 30.4 percent to $1.6 million, after the firm de-equitized about 21 partners, creating a new multitiered partnership structure amid a new firmwide strategy.
At Curtis, where revenue shot up nearly 17 percent in 2016, the firm generated about $155 million in gross revenue in 2017, down about 12 percent but still above its 2015 performance. Profit per equity partner fell about 15 percent to $1.08 million, as the firm fell down nine slots in the Am Law 200 rankings to No. 163.
Two New York firms entered the Am Law 200 this year, including one for the first time due to its significant expansion over the years. According to ALM reporting, Goldberg Segalla earned $125 million in gross revenue last year, coming in at No. 178 in the rankings. With 27 equity partners out of 316 total lawyers, the firm's average profit per equity partner were $694,000.
Herrick Feinstein, which fell off the Am Law 200 in recent years due to its smaller size, punched above its weight last year, earning about $94 million and sliding into the No. 200 spot. Herrick, with 115 lawyers, including 27 equity partners, generated $695,000 in average profit per equity partner and $817,000 in revenue per lawyer.
A couple of New York firms disappeared from the Second Hundred this year due to mergers. Kaye Scholer, after its merger with Arnold & Porter, now ranks 36th in the Am Law 100 as a combined firm. Chadbourne & Parke was acquired by the global Swiss verein Norton Rose Fulbright, which now ranks 10th in the Am Law 100.
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