I want to show you another view of the AmLaw 100, this ranked by "Revenue/Lawyer,"
a trivially simple calculation to perform, but which reveals a wealth
of insight.
Some of the results are obvious—our friends at 52nd and Sixth
have almost lapped the field—but others are surprising. What
I’ve done below, besides adding the totals and average, is to give you
a way of identifying firms that
are "punching above their weight," inasmuch as their revenue/lawyer rank
is materially higher than their AmLaw rank, by highlighting them in red. And, in the other corner,
shall we say, are firms whose AmLaw rank is substantially above their
revenue/lawyer standing.
You
can read this many more ways than one, and for starters it’s obligatory
to note that high-end deal work will always be more lucrative "per
capita" by its nature. That does not mean, to my mind, that
the firms ranked 1 through 7 deserve any less credit for being at the
top of this brutally competitive food chain.
Conversely, firms that are below par on the revenue/lawyer metric may
be where they are as a conscious choice of strategy—possibly
including the biggest outlier of them all, Baker & McKenzie (hint: you’re
going to have to scroll way way down to even find them). Others
may be in that position as they digest recent acquisitions, or they may
be serving an industry niche in the doldrums. Finally, there’s
the possibility that they’ve opted for "lifestyle!" (Did
I say that? Aren’t there Bar disciplinary rules about using that
word!?)
In any event, enjoy. We can be sure that this will look
different (OK, not at the top) next year.
|
Revenue/Lawyer Ranking
|
2004 Rank | 2003 Rank | Firm | 2004 Gross Revenue | Lawyers | Revenue/Lawyer |
|
1
|
44 | 64 | Wachtell | $431,000,000 | 197 | $ 2,187,817 |
|
2
|
10 | 11 | Sullivan & Cromwell | $833,000,000 | 589 | $ 1,414,261 |
|
3
|
37 | 37 | Cravath | $455,000,000 | 389 | $ 1,169,666 |
|
4
|
23 | 16 | Davis Polk | $604,500,000 | 538 | $ 1,123,606 |
|
5
|
19 | 19 | Simpson Thacher | $691,000,000 | 632 | $ 1,093,354 |
|
6
|
30 | 32 | Paul, Weiss | $504,000,000 | 480 | $ 1,050,000 |
|
7
|
85 | 82 | Cahill Gordon | $227,000,000 | 242 | $ 938,017 |
|
8
|
9 | 10 | Kirkland & Ellis | $835,000,000 | 897 | $ 930,881 |
|
9
|
18 | 14 | Gibson, Dunn | $693,000,000 | 745 | $ 930,201 |
|
10
|
1 | 1 | Skadden | $1,440,000,000 | 1,554 | $ 926,641 |
|
11
|
43 | 42 | Milbank, Tweed | $431,500,000 | 480 | $ 898,958 |
|
12
|
34 | 40 | Debevoise & Plimpton | $478,500,000 | 536 | $ 892,724 |
|
13
|
46 | 51 | Cadwalader | $416,000,000 | 486 | $ 855,967 |
|
14
|
8 | 8 | Weil, Gotshal | $905,000,000 | 1,080 | $ 837,963 |
|
15
|
69 | 76 | Schulte Roth | $292,000,000 | 354 | $ 824,859 |
|
16
|
17 | 18 | Cleary Gottlieb | $695,000,000 | 844 | $ 823,460 |
|
17
|
46 | 52 | Willkie Farr | $416,000,000 | 507 | $ 820,513 |
|
18
|
59 | 61 | Fried, Frank | $359,000,000 | 438 | $ 819,635 |
|
19
|
49 | 55 | Ropes & Gray | $404,500,000 | 501 | $ 807,385 |
|
20
|
11 | 9 | Shearman & Sterling | $775,000,000 | 963 | $ 804,777 |
|
21
|
3 | 4 | Latham & Watkins | $1,206,000,000 | 1,502 | $ 802,929 |
|
22
|
58 | 56 | Kaye Scholer | $362,000,000 | 458 | $ 790,393 |
|
23
|
12 | 58 | Wilmer Cutler | $750,500,000 | 960 | $ 781,771 |
|
24
|
86 | 86 | Finnegan, Henderson | $225,000,000 | 292 | $ 770,548 |
|
25
|
16 | 13 | O’Melveny & Myers | $697,000,000 | 910 | $ 765,934 |
|
26
|
13 | 12 | McDermott Will | $745,000,000 | 975 | $ 764,103 |
|
27
|
35 | 36 | Heller Ehrman | $472,000,000 | 628 | $ 751,592 |
|
28
|
21 | 17 | Akin Gump | $612,000,000 | 822 | $ 744,526 |
|
29
|
87 | 95 | Fish & Richardson | $224,500,000 | 304 | $ 738,487 |
|
30
|
5 | 5 | Sidley Austin | $1,029,500,000 | 1,405 | $ 732,740 |
|
31
|
22 | 23 | Paul, Hastings | $609,000,000 | 835 | $ 729,341 |
|
32
|
64 | 63 | Covington & Burling | $337,500,000 | 463 | $ 728,942 |
|
33
|
33 | 29 | Orrick | $484,000,000 | 666 | $ 726,727 |
|
34
|
53 | 48 | Dewey Ballantine | $380,500,000 | 524 | $ 726,145 |
|
35
|
7 | 6 | Mayer, Brown | $911,000,000 | 1,258 | $ 724,165 |
|
36
|
79 | 83 | Stroock & Stroock | $238,000,000 | 331 | $ 719,033 |
|
37
|
26 | 26 | Bingham McCutchen | $565,500,000 | 790 | $ 715,823 |
|
38
|
39 | 31 | Arnold & Porter | $454,000,000 | 639 | $ 710,485 |
|
39
|
20 | 21 | Hogan & Hartson | $630,000,000 | 898 | $ 701,559 |
|
40
|
54 | 46 | Wilson Sonsini | $377,500,000 | 540 | $ 699,074 |
|
41
|
67 | 69 | Goodwin Procter | $302,500,000 | 433 | $ 698,614 |
|
42
|
82 | 93 | Steptoe & Johnson | $232,500,000 | 335 | $ 694,030 |
|
43
|
70 | 68 | Cooley Godward | $289,000,000 | 418 | $ 691,388 |
|
44
|
37 | 34 | Vinson & Elkins | $455,000,000 | 661 | $ 688,351 |
|
45
|
51 | 49 | Proskauer Rose | $395,000,000 | 584 | $ 676,370 |
| Average | ||||||
|
46
|
42 | 39 | Pillsbury Winthrop | $432,500,000 | 643 | $ 672,628 |
|
47
|
24 | 22 | Morrison & Foerster | $593,000,000 | 882 | $ 672,336 |
|
48
|
61 | 44 | Howrey | $352,000,000 | 525 | $ 670,476 |
|
49
|
74 | 79 | Jenner & Block | $253,500,000 | 381 | $ 665,354 |
|
50
|
36 | 37 | King & Spalding | $470,000,000 | 707 | $ 664,781 |
|
51
|
45 | 43 | Baker Botts | $420,000,000 | 643 | $ 653,188 |
|
52
|
29 | 28 | Winston & Strawn | $516,500,000 | 793 | $ 651,324 |
|
53
|
40 | 41 | Dechert | $441,500,000 | 678 | $ 651,180 |
|
54
|
14 | 15 | Morgan, Lewis | $723,500,000 | 1,112 | $ 650,629 |
|
55
|
25 | 27 | Piper Rudnick | $580,500,000 | 905 | $ 641,436 |
|
56
|
57 | 57 | Katten Muchin | $368,000,000 | 581 | $ 633,391 |
|
57
|
77 | 77 | Chadbourne & Parke | $241,000,000 | 382 | $ 630,890 |
|
58
|
83 | 92 | Sheppard, Mullin | $230,000,000 | 366 | $ 628,415 |
|
59
|
28 | 25 | Foley & Lardner | $542,500,000 | 869 | $ 624,281 |
|
60
|
48 | 53 | Sonnenschein | $411,000,000 | 660 | $ 622,727 |
|
61
|
15 | 20 | Greenberg Traurig | $712,000,000 | 1,149 | $ 619,669 |
|
62
|
93 | 85 | Gray Cary | $213,000,000 | 350 | $ 608,571 |
|
63
|
50 | 50 | Alston & Bird | $402,000,000 | 664 | $ 605,422 |
|
64
|
60 | 54 | LeBoeuf, Lamb | $356,500,000 | 601 | $ 593,178 |
|
65
|
73 | 71 | Jenkens & Gilchrist | $258,000,000 | 435 | $ 593,103 |
|
66
|
32 | 30 | Fulbright & Jaworski | $491,500,000 | 831 | $ 591,456 |
|
67
|
62 | 67 | Nixon Peabody | $348,000,000 | 593 | $ 586,847 |
|
68
|
52 | 47 | Squire, Sanders | $393,500,000 | 675 | $ 582,963 |
|
69
|
78 | 78 | Thelen Reid | $240,000,000 | 413 | $ 581,114 |
|
70
|
91 | 89 | Mintz Levin | $216,500,000 | 373 | $ 580,429 |
|
71
|
4 | 3 | Jones Day | $1,190,000,000 | 2,076 | $ 573,218 |
|
72
|
31 | 33 | Reed Smith | $503,500,000 | 881 | $ 571,510 |
|
73
|
6 | 7 | White & Case | $953,000,000 | 1,685 | $ 565,579 |
|
74
|
41 | 35 | Hunton & Williams | $440,000,000 | 781 | $ 563,380 |
|
75
|
89 | 86 | Venable | $221,500,000 | 394 | $ 562,183 |
|
76
|
90 | 93 | Andrews Kurth | $217,000,000 | 394 | $ 550,761 |
|
77
|
72 | 80 | Duane Morris | $264,000,000 | 480 | $ 550,000 |
|
78
|
96 | 107 | Pepper Hamilton | $209,500,000 | 382 | $ 548,429 |
|
79
|
76 | 81 | Blank Rome | $247,500,000 | 459 | $ 539,216 |
|
80
|
93 | 96 | Patton Boggs | $213,000,000 | 396 | $ 537,879 |
|
81
|
55 | 62 | Kirkpatrick & Lockhart | $372,500,000 | 697 | $ 534,433 |
|
82
|
80 | 84 | Kilpatrick Stockton | $236,000,000 | 442 | $ 533,937 |
|
83
|
65 | 59 | Dorsey & Whitney | $330,000,000 | 619 | $ 533,118 |
|
84
|
66 | 73 | Seyfarth Shaw | $313,000,000 | 603 | $ 519,071 |
|
85
|
75 | 74 | Shook, Hardy | $252,500,000 | 490 | $ 515,306 |
|
86
|
55 | 45 | Bryan Cave | $372,500,000 | 726 | $ 513,085 |
|
87
|
95 | 98 | Haynes and Boone | $210,500,000 | 419 | $ 502,387 |
|
88
|
63 | 65 | McGuireWoods | $344,000,000 | 686 | $ 501,458 |
|
89
|
92 | 88 | Drinker Biddle | $213,500,000 | 426 | $ 501,174 |
|
90
|
68 | 72 | Perkins Coie | $297,000,000 | 603 | $ 492,537 |
|
91
|
81 | 90 | Womble Carlyle | $233,000,000 | 475 | $ 490,526 |
|
92
|
100 | 102 | Ballard Spahr | $200,000,000 | 412 | $ 485,437 |
|
93
|
27 | 24 | Holland & Knight | $551,000,000 | 1,155 | $ 477,056 |
|
94
|
71 | 70 | Baker & Hostetler | $284,000,000 | 605 | $ 469,421 |
|
95
|
99 | 105 | Faegre & Benson | $204,500,000 | 456 | $ 448,465 |
|
96
|
98 | 101 | Cozen O’Connor | $205,500,000 | 463 | $ 443,844 |
|
97
|
97 | 97 | Troutman Sanders | $206,500,000 | 468 | $ 441,239 |
|
98
|
83 | 75 | Coudert Brothers | $230,000,000 | 552 | $ 416,667 |
|
99
|
2 | 2 | Baker & McKenzie | $1,228,000,000 | 2,992 | $ 410,428 |
|
100
|
88 | 91 | Wilson, Elser | $222,000,000 | 675 | $ 328,889 |
|
|
Total (average): | $46,042,000,000 | 68,186 | $ 675,241 |
