Source: Bloomberg Big Law Business
By Gabe Friedman, Bloomberg Big Law Business
The American Lawyer on Thursday released its annual report on the top 100 law firms, ranked by gross revenue.
It’s a lot to digest, so we’ve singled out five data points, below, that caught our attention:
One: Both Headcount and Revenue Grew
The number of lawyers in the AmLaw 100 rose 2.7 percent, and the overall revenue for these firms rose 4.3 percent.
That’s good news for an industry that often hears about headwinds. For instance, earlier this month, a report on a sample of 155 law firm by Citi Private Bank’s Law Firm Group found that in the second half of 2016 demand, defined as the total number of billable hours a firm logged, declined by 0.3 percent.
Analysts often note that not all law firms are faring well — some are improving their financial performance and others are falling behind. But on the other hand growth is growth.
“You could speak about isolated practice areas that are doing better than others,” said Jeffrey Liebster, a partner at the legal placement firm, Major, Lindsey & Africa, “but in general it indicates the industry is healthy notwithstanding the significant changes to the way clients and their lawyers are doing business.”
Read more of this feature at Bloomberg Big Law Business