Interestingly, as the U.S. attorney points out, some of the sales per attorney numbers for the second hundred firms are higher than the LPR numbers for many Am Law 100 firms. The RPL figures of Irell, Kobre & Kim and Choate would place them in the top 10 of a combined ranking of Am Law 100 and Second Hundred by revenue per lawyer: In a list dominated by the Am Law 100, a second hundred firms managed to make the cut. In 2022, stratification will be a topic of American life – and biglaw rankings. Still, you can`t feel too bad for the average partner of a second hundred companies: making nearly $1 million a year isn`t too shabby. And as you can see in the earnings by partner ranking at the end of this article, partners from renowned companies like Boies Schiller Flexner, Irell & Manella, Munger Tolles & Olson, Susman Godfrey, and Williams & Connolly have made millions, in the plural. Here are the top 10 companies in the second hundred, that is, the companies ranked from 101st to 110th place in terms of gross sales. The full list can be found in the American Lawyer. By now, we all know the story of how the Am 100 law behaved in 2020. Contrary to what many of us have predicted, the Am Law 100, the 100 most profitable law firms in the country, has reached new heights in terms of gross revenue, revenue per lawyer and profit per partner.
For Biglaw, last year was a very, very good year. Ranked #137 on Law`s annual ranking360,400 of the country`s 400 largest law firms for 2021 Speaking of revenue per lawyer, which is widely considered the most reliable indicator of a law firm`s financial performance, let`s take a look at the top 10 firms among the second for RPL. Again, for the full list, see Am Law. Finally, what about Am Law 100 and Second Hundred, now that all of last year`s financial figures are available? In 2020, the super-rich got rich – and so did the rich. But the pressure continues to grow as large companies plunder the Second Hundred talent base and it becomes increasingly difficult to find a path to profitable growth. In the Am Law 200 2022 report, we look at how companies have achieved an exceptional year and where they then go into a turbulent environment. During a year of incredible uncertainty that presented the Second Hundred with challenges greater than am 100, this diverse group of companies managed to get through nature. Many renowned litigants here, including Irell, Kobre & Kim, Munger Tolles, Boies Schiller and Patterson Belknap. But the focus on litigation could also explain why the Second Hundred didn`t do as well as The Am 100 Act as a whole.
The practice of transactions had a much better year in 2020 than litigation, which suffered from prolonged courthouse closures and the cancellation or postponement of lucrative lawsuits – as the Am Law 100 firms focus more on settlement work than the Second Hundred, they had a better year last year. Cf. Moms, don`t let your babies become litigators. Aside from the shot to the top thanks to its merger with Briggs and Morgan in Minneapolis, there hasn`t been much movement in the top 10. Elsewhere in the ranking, in addition to Taft, four other companies have joined the Am Law 200: Waller Lansden, Offit Kurman, FisherBroyles and Herrick Feinstein. Most notable is FisherBroyles, the first “virtual” or “distributed” law firm to join Am Law 200 – and certainly not the last, given the continued growth of these firms, which is only expected to accelerate now that the pandemic has taught us that remote working can work quite well.  The key wording here is “considered as a whole”: Second Hundred firms are overall less profitable and prestigious than Am Law 100 combined. But some sole proprietorships in the second hundred, such as Williams & Connolly, Munger Tolles and Irell & Manella, are more profitable and prestigious than many Am Law 100 firms. The PPEP figures for the top 10 companies in the second hundred look good in themselves – but again, they pale in comparison to the PPEP figures for Am Law 100 companies. Cole Scott`s $3.7 million would rank 17th in the PPEP if it were an Am Law 100 firm, one place behind Paul Hastings and one place ahead of Cleary Gottlieb. The Am Law 100 law firms lead the way, but several second-hundred firms are among the top ranked in terms of revenue per lawyer, profit per partner and value per lawyer.
The past year has been incredible for the Am Law 100, the 100 largest law firms in the country, ranked by revenue, as we learned in the spring when the latest ranking was released. For firms that are a notch below the Am Law 100 — firms ranked No. 101 to No. 200 in terms of total revenue, a group the U.S. attorney calls the “Second Hundred” — last year was also excellent, but not as large as for the top 100 firms. As a result, the gap between Am Law 100 and Second Hundred Firms continued to grow in 2021, as it has been for years. It is the PPEP. Now let`s talk about the PPP – no, not the old PPEP nickname (formerly known as “Profits per Partner”), but the federal government`s paycheck protection program. According to the U.S.
attorney, 44 of the hundred companies took out repayable loans from the federal government, compared to zero companies in Am 100 (many of which were out of the question as companies with more than 500 employees). As Dan Packel explains, according to Am Law`s methodology, the money from these loans was not included in the company`s revenue, but it could be reflected in the net profit figures if the money was eventually channeled to Partner-Comp. The other companies on the list are well-known names. Irell is still a profitable company and, despite some notable partner departures in recent years, it seems that its strategy of focusing on high-end intellectual property and commercial litigation is paying off. It increased its PPEP by nearly 25% in 2020 – and 2021 could be even better given that the company won a $2.2 billion patent prize against Intel in March on behalf of its client VLSI Technology LLC. Recognized in 2022 in the US News – Best Lawyers` “Best Law Firms” rankings, both national and regional, with seven national awards and a total of 30 Metro Practice Area awards A law firm moved from Am Law 100 to Am Law 200: Boies Schiller, which moved from 93rd to 130th place. This was not a shock as the Am Law 200 ranking is based on revenue and BSF lost a lot of revenue when it lost a lot of stock exchange partners last year. However, it`s worth noting that Boies increased its revenue per lawyer by a respectable 4.6% to $1.412 million in 2020, and the PPEP, while down significantly, was still $2.3 million.
When it comes to performance in 2021, BSF arrived this year with something to look forward to: the costs of its work on the $2.7 billion settlement in the Blue Cross Blue Shield antitrust dispute. Finally, let`s take a look at the 10 firms in the second hundred with the highest profits per partner: Would you like to know more about the top 1000 law firms? Read the profile of a law firm by clicking on it.