The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The average profit per equity partner (PEP) at the top 100 US firms broke through the $1m barrier for the first time last year while an unprecedented seven firms smashed the $1bn gross revenue mark.
According to The American Lawyer's AmLaw 100 survey, average PEP across the top 100 US firms was $1.12m for the 2005 financial year, up 17 per cent from $957,260 in 2004.
US independent Wachtell Lipton Rosen & Katz, which has shunned an international model, topped the tables with an average PEP of $3.79m. This was more than $1m above second-placed Cravath Swaine & Moore which reported average PEP of $2.6m.
Skadden ranked first overall based on gross revenues, reporting revenues of $1.61bn. It is the twentieth time in the AmLaw 100's 22-year history that Skadden has led the revenue list.
But Latham & Watkins made the most notable gain, replacing Baker & McKenzie in the number two spot.
Latham's gross global revenues were up an impressive 17.1 per cent to $1.41bn, compounding the firm's similar growth in London which was reported in The Lawyer as $142m (£81.1m).
Overall combined gross revenue for the top 100 US firms reached a record $51bn in 2005. The top 10 US firms earned collective revenues of $11,746bn (£6,712bn). This compares to just £4.92bn pocketed by the top 10 UK firms in 2004-05.
Meanwhile, New York firms led the rankings AmLaw's “compensation all partners” table. All of the top 10 firms were based in New York, with all but two offering $2m or more.
In fact, of the 33 firms that reported average partner compensation of more than $1m for 2005, 22 were from the New York elite.
Chicago-based Kirkland & Ellis was the only firm to break the East Coast firms' dominance in terms of partner profits, ranking eighth with average PEP of $2.12m.