Jones Lang LaSalle


NYC law firms rank among most profitable
by Tommy Fernandez
May 01, 2006

Manhattan law firms remained amongst the most profitable per partner in the country hands-down, according to the latest edition of The Am Law 100.

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 Swain & 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.