Even after the various ups and downs that the authorized occupation skilled in 2023 — a yr the place some Biglaw companies conducted layoffs whereas others had been busy increasing their nonequity partnership ranks — your Biglaw agency could also be doing fairly nicely financially… however is it among the many Am Legislation 100’s Tremendous Wealthy?
What qualifies a agency to be designated as among the many Tremendous Wealthy? These are the Biglaw companies which have not less than $1.1 million in income per lawyer (RPL) and $550,000 in income per lawyer (PPL). These Biglaw companies are rolling round in money, and so they’re not afraid to flaunt it after coming by way of forward of peer companies final yr. In keeping with the American Lawyer, in 2023, the Tremendous Wealthy checklist was the second-largest of the final decade, rising by 4 to achieve 38. Listed below are some further particulars on how the Tremendous Wealthy companies finest utilized their sources to remain on high:
RPL and PPL are vital metrics as a result of they correspond with regulation companies’ capacity to leverage billable hours and expertise to generate profits whereas fixing shoppers’ issues, in accordance with Marcie Borgal Shunk, founder and president of the Tilt Institute. …
The checklist’s growth is very notable given the overcapacity many companies confronted after the 2021 transactional growth, which has made it troublesome for companies to align headcount with the quantity of consumer issues. In response to threats to profitability, some companies have minimize prices or tried to develop top-line income. Shunk believes the latter is required for companies that need to develop and keep forward of opponents, whereas the previous will be hazardous to a agency’s aggressive benefit.
“The companies that transfer forward are those which are specializing in the highest line and giving attorneys instruments and sources to develop their enterprise, fairly than taking issues away,” she mentioned.
Earlier than we get to the members of the 2024 Tremendous Wealthy checklist, we’ll let that three companies are making a return this yr — Akin Gump; Alston & Fowl; and McDermott Will & Emery — whereas two companies — Susman Godfrey and Jones Day — are first timers on this yr’s checklist. Only one agency dropped from the checklist this time round, and that was Dechert.
With out additional ado, listed here are the highest 10 companies on the Tremendous Wealthy checklist:
- Wachtell
- Susman Godfrey
- Sullivan & Cromwell
- Cravath
- Kirkland & Ellis
- Ropes & Grey
- Paul Weiss
- Skadden
- Davis Polk
- Quinn Emanuel
Click on here to see the entire checklist of 38 companies.
Congratulations to all the Biglaw companies that made it into the Tremendous Wealthy membership in 2023! In case your agency performs nicely sufficient, 2024 may very well be your yr to shine.
Super Rich List Expands With Familiar and New Faces [American Lawyer]
Staci Zaretsky is a senior editor at Above the Legislation, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to email her with any suggestions, questions, feedback, or critiques. You possibly can observe her on X/Twitter and Threads or join together with her on LinkedIn.
