And finally, everyone`s favorite ranking: the top 10 companies by profit per equity partner. You can access the full list here. The firm was recently named Department of Labor Litigation and Employment of the Year by American Lawyer. Some of the impressive revenue growth can be explained by harder-working lawyers. According to data from the 61 firms that provided billing figures to the American Lawyer, billed hours increased by 5.7% compared to 2020. Meanwhile, the number of employees in the Am 100 law has increased by only 2.1%. As we can confirm at Lateral Link, companies have been eager to add talent in 2021, but growing ranks has been challenging given the intense competition. As always, Wachtell tops the list, surpassing $8 million in PPEP for the first time this year. Kirkland and Davis Polk each crossed the $7 million mark. Sullivan & Cromwell overtook Paul, Weiss and Simpson Thacher to clinch the No. 4 spot.
Overall, the top 10 was fairly stable: the only company to exit was Debevoise, which increased the PPEP by 10% but could not keep up with Latham`s 26% growth. Here are the top 10 companies in the Am Law 100 2022 ranking, ranked according to their gross turnover in 2021. You can access the full list here. The U.S. attorney named Davis Polk one of the finalists for “Law Firm of the Year” as part of the publication`s 2022 Industry Awards. The prestigious award, won by Davis Polk in 2021, honors a law firm that has had an exceptional year in its service offering, made big profits, but has also demonstrated commitment and progress in an area that is not only related to its practice, such as pro bono, diversity or innovation in the way legal services are delivered. This year`s awards include new and refined categories, including the Corporate Purpose Award. Now let`s take a closer look at the top three indicators — gross revenue, revenue per lawyer, and earnings per equity partner — and the top 10 companies in each category. The firm`s insurance litigation practice is keeping an eye on the horizon for the next wave of critical coverage issues. Paul Hastings LLP is one of the few finalists of all Am Law100 firms for The American Lawyer`s “Law Firm of the Year.” The winners will be announced in November at the American Lawyer Industry Awards gala in New York City, when the release will honor lawyers, businessmen, law firms and other organizations that promote the legal profession. Revenue growth has been strong across all areas, with each Am Law 100 company experiencing an increase (compared to the 26 companies that experienced a revenue decline in 2020). Remarkably, 63 companies increased their sales by at least 10% and 18 by at least 20%.
In total, 14 companies now have earnings per partner of more than $5 million (up from six in 2020). In line with Biglaw`s long-standing theme of “the rich get richer,” the PPEP`s growth was strongest at the top of the Am 100 law. While the top quartile increased the PPEP by 22.7%, the lower quartile of the Am 100 law only managed an increase of 7.7%. Regardless of their firm`s ranking, most Am Law 100 partners would have a hard time complaining about 2021. With widely recognized elite teams in finance, mergers and acquisitions, private equity, restructuring and special situations, litigation, employment and real estate, Paul Hastings is a leading law firm that provides superior intellectual capital and execution to leading investment banks, asset managers and corporations around the world. How did Biglaw perform in 2021 and come out of its surprisingly strong performance in 2020? In short: better. Much better. Based on the financial measures reported this week in the latest edition of Am Law 100, biglaw`s latest round of salary increases makes perfect sense. Of course, most companies generated record gross revenues, revenues per lawyer, and profits per partner.
But this is true in a typical good year. What made 2021 such an explosion was that many companies significantly accelerated their growth rates on these indicators compared to 2020 – a year that itself was hailed as a stunning success. No matter how you look at it, 2021 has truly been a memorable year for the De Biglaw elite. This recognition follows other recent awards from The American Lawyer that ranked Paul Hastings No. 1 in its Midlevel Associates Survey for Job Satisfaction, as well as the top rankings in The American Lawyer`s 2022 “A-List,” which ranks companies based on five key indicators, including revenue per lawyer, employee satisfaction, diversity and pro bono, and its 2022 diversity dashboard. The Women`s Scoreboard is created as part of the annual NLJ 500 Company Head Count Report. Lateral Link is one of the highest-rated international law firms. With more than 14 offices worldwide, Lateral Link specializes in the organization of lawyers with the most prestigious law firms and firms in the world.
Lateral Link is led by former practicing lawyers from top law schools and has a tradition of hiring lawyers to make the cross-leaps of practicing lawyers. Click here to learn more about us. Paul Hastings is also ranked as one of the best law firms in the world in The American Lawyer`s “Premier League” for its dynamism, profit and prestige among am Law 100 law firms in 2022. Davis Polk is the only law firm to have been nominated for both Law Firm of the Year and General Corporate Practice of the Year. Kirkland & Ellis and Latham & Watkins once again led the pack, not only retaining their No. 1 and No. 2 slots, but also growing revenue faster than other companies in the top 10. The composition of the leading group has been fairly stable, with Ropes & Gray recording a growth rate of 22% in the top 10 and Jones Day coming out despite a 10% increase in sales. Dr. Clarence B. Jones, who served as personal advisor to Dr. Martin Luther King, Jr., and Representative Jamie Raskin are among the inspiring leaders, civil rights pioneers, innovators and customer champions who will participate in the industry`s largest awards night of the year.
Seven of the top 10 law firms increased their revenues per lawyer by double digits (up from four in 2020). Once again, Wachtell and Sullivan & Cromwell took the top two spots. Davis Polk has cooled somewhat after its 22% growth in 2020 in terms of LPR, the market leader. Cravath impressed with his climb from #10 to #3 (reflecting Davis Polk`s jump in 2020). Quinn Emanuel and Paul, Weiss climbed into the top 10, ousting Cahill Gordon and Debevoise. WINNER: Gilead Sciences, Inc.Finalist: Maxim Integrated Am Law, Am Law 100, Biglaw, Lateral Link, Legal Recruiting, Michael Allen, Rankings, Sponsored Content To understand how good these growth rates are, let`s compare them to the strong growth of 2020 and the more typical rates of 2019: WINNERS: April Miller Boise, Executive Vice President and GC, Eaton, Corp.Finalist: Craig Glidden, Executive Vice President and GC, General Motors WINNER: Kenneth R. Carter, General Counsel and Corporate Secretary, Bitmovin, Inc.Finalist: Steve O`Brien, General Counsel and Chief Compliance Officer, AutoFi, Inc. As the world watches, the O`Melveny team is providing customers with the results they need, including key victories for Johnson & Johnson in opioid cases. A look behind the scenes of the annual price evaluation.