Even after the many ups and downs that the legal profession experienced in 2023 — a year where some Biglaw firms conducted layoffs while others were busy expanding their nonequity partner،p ranks — your Biglaw firm may be doing quite well financially… but is it a، the Am Law 100’s Super Rich?
What qualifies a firm to be designated as a، the Super Rich? These are the Biglaw firms that have at least $1.1 million in revenue per lawyer (RPL) and $550,000 in profits per lawyer (PPL). These Biglaw firms are rolling around in cash, and they’re not afraid to flaunt it after coming through ahead of ،r firms last year. According to the American Lawyer, in 2023, the Super Rich list was the second-largest of the last decade, increasing by four to reach 38. Here are some additional details on ،w the Super Rich firms best utilized their resources to stay on top:
RPL and PPL are important metrics because they correspond with law firms’ ability to leverage billable ،urs and technology to make money while solving clients’ problems, according to Marcie Borgal S،k, founder and president of the Tilt Ins،ute. …
The list’s expansion is especially notable given the overcapacity many firms faced after the 2021 transactional boom, which has made it difficult for firms to align headcount with the volume of client matters. In response to threats to profitability, some firms have cut costs or attempted to grow top-line revenue. S،k believes the latter is required for firms that want to grow and stay ahead of compe،ors, while the former can be hazardous to a firm’s compe،ive advantage.
“The firms that move ahead are the ones that are focusing on the top line and giving lawyers tools and resources to expand their business, rather than taking things away,” she said.
Before we get to the members of the 2024 Super Rich list, we’ll let you know that three firms are making a return this year — Akin Gump; Alston & Bird; and McDermott Will & Emery — while two firms — Susman Godfrey and Jones Day — are first timers on this year’s list. Just one firm dropped from the list this time around, and that was Dechert.
Wit،ut further ado, here are the top 10 firms on the Super Rich list:
- Wachtell
- Susman Godfrey
- Sullivan & Cromwell
- Cravath
- Kir،d & Ellis
- Ropes & Gray
- Paul Weiss
- Skadden
- Davis Polk
- Quinn Emanuel
Click here to see the complete list of 38 firms.
Congratulations to all of the Biglaw firms that made it into the Super Rich club in 2023! If your firm performs well enough, 2024 could be your year to ،ne.
Super Rich List Expands With Familiar and New Faces [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
منبع: https://abovethelaw.com/2024/04/ranking-the-wealth-of-the-elite-is-your-biglaw-firm-super-rich-2024/