The country's 100 largest law firms recorded a sixth consecutive year of revenue growth in 2015, according to the annual analysis by American Lawyer magazine.
However, despite tremendous volume generated by a record year for mergers and acquisitions, there is a flattening of demand for legal services, particularly in Europe, and among corporations that continue to ask for more for less from law vendors.
Growth last year for the American Law 100, the biggest firms, rose 2.7 percent to $83.1 billion, the lowest increase since the Great Recession. Net income increased 3.3 percent to $328.1 million.
That amounts to $894,243 in revenue per lawyer. The firms employed 93,000 attorneys in 2015, no change since 2014. Profits per equity partner averaged $1.6 million.
Two Minneapolis-based firms made the American Lawyer 100. They are:
- Faegre Baker Daniels, a 672-lawyer firm that ranked 68th on revenue of $466 million and profits per partner of $800,000.
- Dorsey & Whitney, ranked 98 and with 512 lawyers, had revenue of $336.5 million and profits per partner of $600,00.
The most profitable firm in America is New York's Wachtell, Lipton, Rosen & Katz, which had an 18 percent revenue increase thanks to its mergers business. Wachtell had what AmLaw called a "staggering" jump in profits per partner to $6.6 million.
