The much-anticipated 2024 Am Law 100 has been released, offering a revealing insight into the state of the Biglaw market. The data tells a promising tale of recovery and growth in the legal industry, after 2022’s challenging economic conditions.
According to Patrick Smith’s report, Biglaw has seen jumps in almost all financial and operational metrics. Gross revenue notably rose to a record $139.7 billion, a significant increase of 6.8%. This surge signifies an impressive comeback from 2022, a tumultuous year where most metrics for the Am Law 100 were in the red.
Aside from gross revenue, the Am Law 100 firms experienced notably successful gains in revenue per lawyer (up by 4.9% to $1.21 million), profits per equity partner (up by 9.3% to $2.80 million), equity partner capital (up 6.2% to $1.75 million), and profits per lawyer (6.2% to $517,821).
For a detailed list of the firms ranked by gross revenue, visit the full 2024 Am Law 100 list here. The top three firms remained unchanged, with Kirkland leading the pack, followed by Latham and DLA Piper at second and third places respectively.
Revenue per lawyer (RPL) also serves as a key indicator of a firm’s health. Detailed statistics, including the top five firms in this category, can be found here. Wachtell leads the group, followed by Susman Godfrey in second place.
The profitability per equity partner metric was fiercely contested this year, with Wachtell reclaiming the top spot from Kirkland. You can find the complete Am Law 100 chart here.
In summary, following a difficult year in 2022, Biglaw made a powerful comeback in 2023 with improved numbers across the board. These enhancements affirm Biglaw’s resilience in the face of economic hardships and validate their crucial role within the legal ecosystem.