The total gross revenue for Am Law 100 firms grew by 6.8% to $139,720,251,209.
The Am Law 100 is the definitive ranking of the 100 largest law firms in the United States. Published each spring by Law.com Compass and The American Lawyer editorial team, this report provides a comprehensive analysis of the financial performance, market trends, and management strategies of these top law firms.
Key Financial Metrics
The 2024 Am Law 100 report includes an examination of key financial metrics such as revenue, profits, per-lawyer metrics, headcount growth, and more.
Gross Revenue
In 2023, fifty-four firms posted gross revenue of $1 billion or more, four more than in 2022. Ninety firms reported gains in gross revenue. The total gross revenue for Am Law 100 Firms increased by 6.8& totaling $139,720,251,209. The ranking was topped by Kirkland & Ellis, with a gross revenue of over $7.2 billion.
The Top 10 Am Law 100 in Gross Revenue
- Kirkland - $7,208,000,000 (Up 10.65% from 2022)
- Latham - $5,688,226,000 (Up 6.90% from 2022)
- DLA Piper (verein) - $3,829,531,000 (Up 3.92% from 2022)
- Baker McKenzie (verein) - $3,286,791,000 (Down -0.41% from 2022)
- Skadden - $3,270,091,000 (Up 8.25% from 2022)
- Sidley - $3,100,458,000 (Up 6.08% from 2022)
- Gibson Dunn - $3,074,016,000 (Up 12.33% from 2022)
- Ropes & Gray - $2,992,831,000 (Up 10.10% from 2022)
- White & Case - $2,949,831,000 (Up 4.29% from 2022)
- Morgan Lewis - $2,898,514,000 (Up 5.58% from 2022)
Revenue Per Lawyer (RPL)
RPL, long regarded as the most reliable measure of a firm’s financial health, increased by 4.9%. In 2023, eighty-five firms posted a gain in RPL. The firm with the biggest increase in RPL was Susman Godfrey which saw a 82.6% increase, while Proskauer Rose saw a decrease of 6.5% in their RPL.
Profits Per Equity Partner (PEP)
Average PEP was up by 9.3% in 2023. Thirty-seven firms had growth rates of at least 10%, compared to 14 last year. The highest PEP was held by Wachtell ($8,507,000), and Littler had the lowest ($575,000) – with a difference of $7,932,000 between the two firms. Twenty firms had declines in that metric in 2023.
Profits Per Lawyer (PPL)
PPL, an alternative way of looking at firm profitability, is intended to reduce the influence of factors such as leverage. The average is $518,000, and the top PPL figure is $3.04 million.
Average Compensation - All Partners (CAP)
Average CAP increased by 6.2% in 2023. Seventy-two firms posted increases, compared with 41 the previous year. Twenty firms posted double-digit gains. The ranking was again topped by Wachtell.
Market Trends
The 2024 Am Law 100 report explores the financial, market, and management trends that led to many firms rebounding nicely from prior year declines brought on by economic and market conditions, softening demand, and other challenges. While not a wholesale return to the historic highs of 2020 and 2021, fiscal 2023 brought collective growth in revenue, revenue per lawyer, and profitability metrics.
Management Trends
Equity partner ranks stayed the same size or even contracted, as nonequity partners (poised to outnumber their equity counterparts in the coming years) become more numerous.
The 2024 Am Law 100 report showcases the resilience of the industry, with many firms turning in strong performances in 2023. Despite the challenges faced in the previous years, the law firms have demonstrated their ability to adapt and thrive in a changing market environment.
