the big picture

---

This year Am Law 100 firms’ financial results presented a complex picture. Here’s what the key facts looked like.

HEAD COUNT

2016: $86,704,757,009 2015: $83,148,596,762

2016: 95,515 2015: 92,981

+2.7%

LATHAM & WATKINS $2,823,000,000

THE BIG PICTURE +3.0%

HIGHEST & LOWEST GROSS REVENUE

BIGGEST CHANGE IN GROSS REVENUE

PROFITS PER PARTNER

REVENUE PER LAWYER

2016: $1,661,772 2015: $1,613,439

2016: $907,765 2015: $894,253

HIGHEST & LOWEST PPP

+23.2%

+1.5%

DIFFERENCE BETWEEN HIGHEST & LOWEST = $5,305,000

BAKER BOTTS +19.7%

DIFFERENCE BETWEEN HIGHEST & LOWEST = $2,489,000,000

CROWELL & MORING +18.4%

$2B+

LATHAM & WATKINS KIRKLAND & ELLIS BAKER MCKENZIE FIRMS WITH MORE THAN SKADDEN $2 BILLION IN GROSS REVENUE DLA

+ +16

BLANK ROME & HUSCH BLACKWELL

$2.82B $2.65B $2.62B $2.50B $2.47B

NELSON MULLINS -3.9% ARNOLD & PORTER -4.3% REED SMITH

+40.1% CROWELL & MORING +36.6% BAKER BOTTS +29.2% NELSON MULLINS +22.6% WEIL +18.0% CRAVATH +18.0% SHEARMAN

P E R

+20.2%

PA RT N E R

BLANK ROME

P ROF IT S

G RO S S

R E V E N U E

SHOOK HARDY $334,000,000

77 FIRMS INCREASED THEIR PPP

BAKER DONELSON $495,000

BIGGEST CHANGE IN AM LAW 100 RANK

-8.0%

–16

PEPPER HAMILTON

WACHTELL -10.6% PEPPER HAMILTON

BIGGEST CHANGE IN PPP BY DOLLAR AMOUNT

1 2 3 4 5 6 7 8 9 9 11 11 11 14 15 15 17 18 19 19 21 22 22 24 24 24

-1.7% 2.4% 8.4% 5.6% 5.3% 0.7% 0.8% 4.7% 5.3% 2.4% 10.3% 8.4% -2.6% 2.0% 9.0% 1.6% 3.3% 2.1% 2.1% -2.4% 18.3% 6.8% 0.0% 2.2% 0.4% -2.9%

Pepper Hamilton Shook Hardy Bryan Cave Duane Morris Reed Smith Baker & Hostetler Barnes & Thornburg McGuirewoods DLA* Haynes And Boone Squire Patton* Cozen O'Connor K&L Gates Ballard Spahr Akerman Polsinelli Baker McKenzie* Husch Blackwell Ogletree Deakins Fox Rothschild Jackson Lewis Littler Baker Donelson Norton Rose* Lewis Brisbois

76 77 78 78 78 78 82 83 84 84 86 87 88 89 90 91 92 92 94 95 96 97 98 99 100

-8.9% 5.2% 2.9% 0.7% 0.7% 0.0% 0.0% 2.2% 1.5% -0.7% 3.1% 3.9% 13.0% -3.0% -2.5% 1.8% 2.7% -2.6% 1.8% -8.4% 0.0% 2.9% 3.9% -6.8% -2.5%

BIGGEST CHANGE IN PPP BY PERCENTAGE

WILSON SONSINI –11.1% WACHTELL –12.1% LEWIS BRISBOIS –12.8% PEPPER HAMILTON –28.8% FOX ROTHSCHILD –35.0%

-6.4% LOCKE LORD

Wachtell Sullivan & Cromwell Quinn Emanuel Kirkland Cravath Skadden Simpson Thacher Boies Schiller Davis Polk Gibson Dunn Cahill Milbank Williams & Connolly Ropes & Gray Paul Weiss Wilmer Fried Frank Latham Proskauer Debevoise Baker Botts Weil Fish Schulte Roth Paul Hastings Fenwick

WACHTELL $5,800,000

HUSCH BLACKWELL +22.5%

This chart shows the 25 Am Law 100 firms with the highest revenue per lawyer and the 25 firms with the lowest, and the percentage change in each firm’s RPL from 2015 to 2016.

AVERAGE

TOP 25

GROSS REVENUE

AVERAGE

BOTTOM 25

+4.3%

TOTAL

BAKER BOTTS +$660,000 (+36.6%)

WACHTELL –$800,000 (–12.1%)

*Verein

TOTAL

REVENUE PER LAWYER

IT TAKES FIVE LAWYERS TO GENERATE $10 MILLION IN PARTNER COMPENSATION AT WACHTELL

C O M P E N SATI ON

–

A LL

PA RTNE RS

BIGGEST CHANGE IN AVERAGE COMPENSATION ALL PARTNERS

...AT SQUIRE PATTON, IT TAKES 54

CROWELL & MORING +38.5%

WACHTELL $5,800,000

FOX ROTHSCHILD –37.6%

PA RT N E R S

AVERAGE COMPENSATION PER NONEQUITY PARTNER

EQUITY/NONEQUITY BREAKDOWN OF THE AM LAW 100

E Q UIT Y

A ND

N ONE Q UI T Y

HIGHEST PERCENTAGE OF NONEQUITY PARTNERS LEWIS BRISBOIS

$479,353

57.5% EQUITY PARTNERS

42.5% NONEQUITY PARTNERS

P ROFI TS

$1B+

FIRMS WITH MORE THAN $1 BILLION IN PROFITS

LEWIS BRISBOIS $370,000

FIRMS WITH

82.1%

HIGHEST AND LOWEST AVERAGE COMPENSATION ALL PARTNERS

only

EQUITY PARTNERS ARNOLD & PORTER BALLARD SPAHR CLEARY GOTTLIEB COVINGTON DAVIS POLK DEBEVOISE JONES DAY PAUL WEISS ROPES & GRAY SCHULTE ROTH SIMPSON THACHER SKADDEN SULLIVAN & CROMWELL WACHTELL WILLIAMS & CONNOLLY WILLKIE WILMER

MOST/FEWEST LAWYERS PER EQUITY PARTNER CADWALADER 9.73

KIRKLAND & ELLIS LATHAM & WATKINS SKADDEN

$1.47B $1.42B $1.2B

MOST BILLABLE HOURS

DLA 6,283,822 LATHAM & WATKINS 3,887,413

HIGHEST & LOWEST PROFITS PER LAWYER

WHITE & CASE 3,737,000 GREENBERG TRAURIG 3,385,000 SIDLEY AUSTIN 3,118,000

WACHTELL $1,920,000 LEWIS BRISBOIS $80,000

LEWIS BRISBOIS 9.62

1,857 HIGHEST BILLABLE HOURS PER LAWYER FISH & RICHARDSON

K&L GATES 9.38 DLA 9.30 FRAGOMEN 8.69 MORGAN LEWIS 2.60 LITTLER MENDELSON 2.59

$361,326 AVERAGE PROFITS PER LAWYER

FOX ROTHSCHILD 2.53 BARNES & THORNBURG 2.34 BALLARD SPAHR 2.29

39.8 AVERAGE PROFIT MARGIN

3,855 FIRM WITH THE LAWYER WITH THE MOST BILLABLE HOURS TROUTMAN SANDERS