In 2022, legal giants like Wachtell, Lipton, Rosen & Katz; Davis, Polk & Wardwell; and Paul, Weiss, Rifkind, Wharton & Garrison experienced significant reductions in their profitability, witnessing a decrease in both their net income and profit margins. Similarly, litigation titan Quinn Emanuel Urquhart & Sullivan also encountered noticeable financial setbacks in 2022, witnessing its average profits per equity partner and revenue per lawyer falling by at least 9%.
However, 2023 painted a brighter picture for all these major law firms as they bounced back from their financial struggles and made strong progress. After enduring a challenging 2022 and demonstrating their mettle, Big Law firms were ready to regain their momentum.
For further details on this financial turnaround of the industry, please see the
complete report.