Law.com Pro’s “20 From 22” examines 20 Am Law 200 financial and talent trends spanning the past 22 years
New York, NY – July 26, 2022– ALM and Law.com Pro are pleased to announce the release of 20 From 2022, an exclusive analysis report exploring twenty trends from the last 22 Am Law 200 rankings.
The report examines trends by segment, including the Am Law 200, Am Law 100 & 101-200, and Am Law’s top 50 rankings compared to the balance of the Am Law 200.
20 From 22 analyzes various financial and talent trends from the 200 Am Law 200 (fiscal year 1999) to 2022 Am Law 200. The report utilizes original financial figures from previous years while showcasing inflation-adjusted growth over time and illustrates the correlation between various talent, revenue, and profit metrics.
Analysis within the report yielded numerous insights, including:
– Sixty-one firms (30%) in the 2000 Am Law 200 no longer exist; an additional five firms in that year’s rankings no longer qualify for inclusion in the Am Law 200
– While the Am Law 200 increased the total number of equity partners over the past two decades by more than 7,000, equity partners as a percentage of all full-time equivalent Am Law 200 attorneys decreased from 32% in 2000 to just over 22% in this year’s rankings
– The reduction in the percentage of equity partners helped Profits per Equity Partner (PEP) grow at nearly double the rate of Profits per Lawyer (PPL)
– Since fiscal year 1999, the Am Law 200 grew inflation-adjusted revenue at 2x the pace of the Fortune 500
– Am Law’s top 50 firms increased their share of total Am Law 200 revenue from 51% in fiscal 1999 to 64% through fiscal 2021
– While the Am Law 100 and Am Law 101-200 grew PPL at a similar pace (2.4% to 1.9% CAGR, respectively) since FY 1999, the Am Law 100’s significant leverage model changes enabled aggressive PEP growth
“The Am Law 200’s last two decades showcase explosive growth, especially at the top end of the rankings”, said Patrick Fuller, Vice President & General Manager of ALM Intelligence. “Most importantly, the Am Law 200 consistently weathered economic turbulence, even outperforming GDP growth and Fortune 500 revenue growth, which serves as a positive indicator as the economy encounters more volatility.”
20 From 22 utilizes the GDP Implicit Price Deflator to adjust for inflation and benchmarks the Am Law 200’s year-over-year Revenue per Lawyer (RPL) growth against the annual Gross Domestic Product (GDP) growth rate.
“This report tells the history of the profession’s transformation into a multibillion industry, covering a maturation period that showcased just how integral the Am Law 200 is to every other industry in the world,” said Gina Passarella, editor-in-chief of The American Lawyer and ALM’s global legal brands.
20 From 22 is available exclusively to Law.com Pro, Law.com Pro Mid-Market, Global Leaders in Law, and Global Leaders in Law Advisers member firms, legal departments, and attorneys. Members can download the report directly from Law.com Compass.
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