Crains New York Business
NYC LAW FIRMS RANK AMONG MOST PROFITABLE
New York City law firms remained amongst the most profitable
per partner in the country hands-down, according to the
latest edition of The Am Law 100, published by The American
Lawyer.
Manhattan firms are faring well for two reasons:
one, they are being run more like profit-driven corporations,
and two, a variety of corporate practice areas are
hot now, including mergers and acquisitions, private
placements, public offerings, real estate and structured
finance, says Michael Lord, president of the legal
recruiting firm Michael Lord & Co.
The Am Law 100 ranks American law firms according
to a number of criteria: including annual gross revenue;
number of lawyers and average profits generated by
partner.
Only three New York City law firms were in the top
ten according to gross revenue: Skadden Arps Slate
Meagher & Flom at number one, White & Case
at number six and Weil Gotshal & Manges at number
seven.
However, it was in profitability per partner where
Manhattan firms really shined. These firms accounted
for nine out of the top ten firms in this category,
including Wachtell Lipton Rosen & Katz, Cravath
Swaine & Moore and Cadwalader Wickersham & Taft
at the top three positions.
Manhattan law firms also accounted for 22 out of
the 33 law firms that earned over $1 million per partner.
This was the first year in the survey that the average
profitability per partner topped $1 million.
"The economic climate for deal making is very
good now," says Mr. Lord.
Crain's New York Business, May 1, 2006
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