Large law firms in Florida held their own financially for the most part in 2017. But that meant different things, depending on the size of the firm.
All but one Am Law 200 firm in Florida either kept or improved its ranking in 2017. But revenue growth was more pronounced at the state’s Am Law 100 firms. Among lower-ranked firms, other than fast-growing Greenspoon Marder, it was slower or nonexistent.
ON THE SMALLER SIDE
Florida’s four Second Hundred firms, however, were competing in a field of firms with a much different story to tell. As a whole, the Second Hundred saw gross revenue decline by 0.2 of a percent in 2017.
The discrepancy in performance between Am Law 100 and Second Hundred firms in Florida is a function of size, compensation systems and geography, said Christine Meade, a director in Major, Lindsey & Africa’s Miami office.
“There are firms in South Florida that have sizable offices in cities like New York, Chicago, San Francisco, Washington, D.C., for example, where billing rates can be higher,” she said. “This can have an influence on these numbers.”