LawJobsPipeline.com – The Law Jobs Blog – Okay, so here are the record-breaking stats from the AmLaw 100 survey:
* Gross revenue up 11.4 percent, * profits per partner up 13.4 percent, * revenue per lawyer up 7.3 percent, which is to say, at a clip exceeding the annual hike in billing rates.
American Lawyer reports that times are so good for the owners of the Am Law 100 firms that those snaring only a million dollars were actually “below par”. The average take was $1.2 million and if you were a partner in the Big Apple your happy take home equity-share was an astonishing $2.05 million.
Compared to 2005, average revenue per lawyer went up 7.3 percent (to $779,000, from $726,000), and average gross revenue shot up 11.4 percent (to $567 million, from $509 million). Lawyer head count also grew by 3.9 percent.
Here are some interesting observations on the stats from American Lawyer:
– the percentage of equity partners has continued to drop, while the numbers of salaried, non-equity partners has risen dramatically. The role of partner has therefore moved irrevocably.
– only 20 non-tier partnerships survive among the Top 100. It would appear that partner-churn is also way up. The lesson? Produce or perish.