10 Pennsylvania-Born Firms Make Am Law 100 List
It took major revenue growth to see a jump in Am Law 100 rankings in 2018.
April 23, 2019 at 10:10 AM
2 minute read
Even though most of the Am Law 100 firms founded in Pennsylvania saw revenue growth in 2018, many of them fell in the Am Law 100 rankings.
Still, all 10 firms that appeared on the list last year remained.
The American Lawyer, an affiliate of The Legal Intelligencer, released its annual ranking of the largest 100 law firms by revenue Tuesday. The list included 10 law firms that were established in Pennsylvania, though some have now grown to the point where their largest offices are outside Pennsylvania.
All but one firm—Drinker Biddle & Reath—saw gross revenue grow from 2017 to 2018. But in a year where large law firms saw the best demand for legal services in a decade, modest gains were not enough to move firms up in the rankings.
Morgan, Lewis & Bockius was the highest-ranked Pennsylvania-founded firm again, coming in at eighth, with gross revenue of $2.095 billion. With 4.7 percent growth in gross revenue, Morgan Lewis maintained its ranking within the 10 largest firms by revenue.
Two firms moved up the list significantly, thanks to double-digit revenue gains. Cozen O'Connor saw 13.7 percent revenue growth as it continued its aggressive lateral hiring strategy in 2018, pushing it up eight spots, to 76th. And Ballard Spahr saw revenue grow by 17.4 percent after its merger with Minneapolis-based Lindquist & Vennum took effect Jan. 1, 2018, so it jumped up seven places, to 91st.
Fox Rothschild increased its revenue by 9.9 percent after its largest merger in firm history took effect in November, the middle of its fiscal year. (Fox Rothschild's fiscal year ends March 31, so the firm's Am Law 100 ranking is based on estimates provided by firm management.) Despite the head count growth, the firm bumped up just one place on the Am Law 100.
Reed Smith, Dechert, K&L Gates, Duane Morris and Blank Rome all saw gross revenue grow by percentages in the low- to mid-single digits but slipped in the Am Law 100 rankings anyway. And Drinker Biddle, which experienced a revenue decline after some key departures, also slipped down on the list.
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