The average profits figure, a closely watched measure of law firm performance, jumped 10 per cent to $1.06 million in 2005 according to the magazine.
The US figure dwarfs the $629 million profits per partner level at the UK’s top 100 law firms, according to similar research from the UK The Lawyer magaszine.
Partners at Wachtell, Lipton, Rosen & Katz were the top performers for the seventh year in succession. The New York corporate firm, which specialises in high margin, sophisticated mergers and acquisitions advice, reported average profits per partner of $3.8 million. With 186 lawyers, Wachtell is the smallest of the top 100 US firms.
The combined gross revenue for the top 100 firms rose 10 percent to $51 billion, with a record seven firms earning more than $1 billion each.
Skadden, Arps, Slate, Meagher & Flom, a New York corporate giant, topped the revenue list for the twentieth time in the 22 years the survey has been conducted. Its 1,616 lawyers billed $1.61 billion of chargeable hours last year.