Am Law Second Hundred law firms saw their gross revenues increase slightly; which virtual company cracked the list?
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Law firms ranked 101 to 200 by gross revenue had a respectable year in 2020, but their number is still far lower than law firms in the top 100, according to results released this week by the American Lawyer.
Am Law Second Hundred’s gross revenues increased 1.1% to $ 20.8 billion; income per lawyer increased 3% to $ 707,506; and earnings per partner increased 8.8% to $ 863,449. The number of lawyers collectively fell 1.8% to 29,359.
In the Am Law 100, gross revenues increased 6.6% to $ 111 billion; revenue per lawyer increased nearly 5% to $ 1.05 million; while profit per partner increased 13.4% to $ 2.23 million. The number of lawyers increased by 1.7% to 105,718.
The US attorney reported the results of the second cent here, while the original court had an analysis here.
Ranked by gross turnover, the top five law firms in the Seconde Cent are:
Forty-four of the Second Cent law firms took out loans under the Paycheck Protection Program last year, Law.com reports in this article. The loans were not included in the calculation of the gross income of the American lawyer, but they could have been included in net income if they had been used to pay equity partners.
Law.com compared businesses that took loans with those that didn’t and found that, overall, taking a loan did not correlate with the performance of the business. . But the publication reported that the firms that took the loans had gross revenues and net revenues significantly lower than other law firms in the Second Hundred.
One company that has fallen into the second hundred this year is Boies Schiller Flexner, who is No.130, points out the originating jurisdiction. Last year, Boies Schiller was 93rd.
“It came as no shock,” wrote Above the Law founder David Lat of Original Jurisdiction, given the loss of several of the company’s financial partners last year. “But it’s interesting that Boies actually increased his turnover per lawyer in 2020 by a respectable 4.6%, to $ 1.412 million, and the PPEP, although down significantly, was still of $ 2.3 million. “
Another notable change: The No. 198-ranked FisherBroyles Virtual Law made the second cent, Law.com reported in a separate article. Its revenues increased 12.5% to $ 105.2 million last year.
The ABA Journal spoke with FisherBroyles co-founder and managing partner Kevin E. Broyles for a Legal Rebels podcast in March. Broyles said cracking the Second Hundred will make it even easier to attract BigLaw partners.
“Becoming a member of the Am Law 200 will probably be the last feather of credibility in our hat,” said Broyles.