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Large Firm Financials for 2013
Rank* Firm Name Lawyers in New York Office(s)
Gross Revenue
Revenue Per Lawyer
Profits Per Equity Partner
1. Paul Weiss 716 $934,500,000 $1,095,000 $3,620,000
2. Skadden 629 $2,235,000,000 $1,345,000 $2,730,000
3. Davis Polk & Wardwell 562 $975,000,000 $1,205,000 $2,940,000
3. Simpson Thacher 553 $1,128,500,000 $1,350,000 $3,165,000
5. Sullivan & Cromwell 550 $1,278,000,000 $1,590,000 $3,675,000
6. Cleary Gottlieb 517 $1,190,000,000 $1,000,000 $2,875,000
7. Weil, Gotshal & Manges 506 $1,137,000,000 $985,000 $2,065,000
8. Debevoise & Plimpton 423 $688,000,000 $1,155,000 $2,310,000
9. Cravath, Swaine & Moore 401 $614,000,000 $1,430,000 $3,290,000
10. Sidley Austin 362 $1,601,000,000 $945,000 $1,875,000
11. Kirkland & Ellis 354 $2,016,000,000 $1,295,000 $3,280,000
12. Proskauer Rose 350 $768,500,000 $1,080,000 $1,950,000
12. Latham & Watkins 345 $2,285,000,000 $1,110,000 $2,490,000
14. White & Case 343 $1,440,000,000 $760,000 $1,870,000
15. Wilson Elser 330 ** ** **
16. Shearman & Sterling 328 $820,500,000 $1,015,000 $1,800,000
17. Milbank 318 $706,000,000 $1,195,000 $2,565,000
18. Schulte Roth & Zabel 313 $389,000,000 $1,125,000 $2,215,000
19. Cahill Gordon & Reindel 312 $386,500,000 $1,200,000 $3,780,000
20. Fried Frank 308 $458,500,000 $1,020,000 $1,635,000
*Ranked by total number of lawyers in New York state offices. **Figures for Wilson Elser are not yet available.
SouRCES: The American Lawyer; The National Law Journal’s NLJ 350 survey. The American Lawyer and The National Law Journal are affiliates of the New York Law Journal.
By ChRiSTiNE SiMMoNS
MANY LARGE New York law firms grew their revenue and profits last year, continuing to pull ahead of the national pack when it comes to financial indicators. Meanwhile, many of these firms reduced their New York head count.
The New York Law Journal com-pared financial indicators for the top 20 firms in the NYLJ 100, a rank-ing of law firms by their full-time equivalent lawyers in New York offices in 2013. The list is a glance of the largest private employers of lawyers in the state. The financial data was reported by the American Lawyer this week as part of the Am Law 100 report on 2013.
Financial figures for Wilson Elser Moskowitz Edelman & Dicker, with 330 lawyers in New York state, are not yet available.
All of the top New York firms saw growth in gross revenue and revenue per lawyer, except Weil Gotshal & Manges, where gross rev-enue fell by 7.4 percent, to $1.137 billion last year. About half of the top New York firms had growth of 5 percent or more in revenue.
Among the top 20, Latham & Watkins generated the most rev-
enue last year, with $2.285 billion, followed by Skadden, Arps, Slate, Meagher & Flom at $2.235 billion and Kirkland & Ellis at $2.016 bil-lion.
All firms in the top 20 raised their profits per equity partner, except Weil and Cravath Swaine & Moore, which dropped 7.4 per-cent and 4.2 percent, respectively.
More than half of the top 20 New York firms had profit per partner gains of more than 5 percent.
This group of firms is hardly representative. Thirteen of the top New York firms are among the so-called super rich—the category of 20 firms that American Lawyer described as outperforming the rest of the Am Law 100, with at least $2 million in PPP and RPL of at least $1 million.
“Many super rich firms are con-centrated in New York because it is the financial capital of the world, and the highest performing firms in New York command very high rates relative to other markets,” said Kent Zimmermann, law firm consultant at Zeughauser Group.
Within the NYLJ 100’s top 20, firms had different growth strate-gies.
Simpson Thacher & Bartlett’s gross revenue soared 14.9 percent
to $1.129 billion; Cahill Gordon & Reindel’s jumped 10.9 percent to $386.5 million; and Shearman & Sterling’s gross revenue grew by 9.1 percent to $820.5 million.
Meanwhile, Skadden’s revenue rose 1.1 percent to $2.235 billion; Cravath’s by 1.8 percent to $614 million; and Debevoise & Plimpton up 1.9 percent to $688 million.
Among the NYLJ 100’s top 20, Simpson Thacher also saw the largest gain in revenue per lawyer (RPL), up by 14.9 percent to $1.35 million. RPL places a dollar value on the average production of each attorney.
Several firms in this group had large profit per partner swings.
Davis Polk & Wardwell’s per-partner profits shot up by 22.5 percent, to $2.94 million; Simpson Thacher’s by 18.8 percent, to about $3.17 million; and Shearman’s by 18.4 percent, to $1.8 million.
Fried, Frank, Harris, Shriver & Jacobson’s 24.3 percent leap in profits per partner in 2013 was the highest among the top New York firms and in the Am Law 100. In contrast, the firm’s 16.8 percent fall in per-partner profits from 2011 to 2012 was the steepest dive of any Am Law 100 firm that year.
Some of Fried Frank’s gains came at a price—its New York office had 21 fewer lawyers in 2013.
Among the top New York firms, more than half reduced their New York attorney head count from 2012 to 2013. The largest cuts were at White & Case, where the New York office dipped by 8.5 percent, to 343 lawyers; and Proskauer Rose, drop-ping 8.1 percent, to 350 New York lawyers.
Many highly profitable firms value performance over size, Zim-mermann said. “This has led some of them to make choices since 2008 to reduce head count in order to increase the quality of their finan-cial performance.”
“When elite firms reduce their supply of talent and demand remains steady, it allows some firms to collect rates that are higher,” he said. “We see many high-performing firms adopting” that strategy.
Not all large New York offices are shrinking. Paul, Weiss, Rifkind, Wharton & Garrison is now at the top of the NYLJ 100 after increasing by 6.2 percent, to 716 New York lawyers. It beat Skadden, which has long been No. 1 in the rankings but has continued to trim its New York ranks. Last year, Skadden’s New York office fell by 6.8 percent to 629 lawyers.
Among the top New York firms, Sidley Austin’s 7.1 percent increase to 362 New York attorneys was the largest office expansion.
New to the top 20 this year is Cahill, where New York head count rose nearly 6 percent, to 312 law-yers. That rise bumped out Willkie Farr & Gallagher from the top 20 of the NYLJ 100.
@ | Christine Simmons can be contacted at
[email protected]. Twitter: @chlsimmons
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Another part of the statute, CPLR 3408(f) says both sides “shall negotiate in good faith to reach a mutually agreeable resolution, including a loan modification, if possible.”
Yet the report claimed lenders regularly ran afoul of those rules.
The three organizations and a number of attorneys from other groups observed 252 conferences from September to November 2013 in the five boroughs of New York City. of those conferences, 36 per-cent of lender attorneys appeared without needed information, such as claimed investor restrictions on modifications.
Meanwhile, the report said in 44 percent of the observed cases, plaintiff attorneys did not have settlement authority.
Eight percent appeared with authority and in 12 percent of the cases, the attorney’s authority was unclear, said the report.
According to court statistics, in approximately that same time period—from Sept. 9 through Dec. 1— there were just over 8,600 set-tlement conferences citywide.
The report urged courts to “not tolerate rampant violation of the settlement conference law and should enforce the law as it is written vigorously.”
When lender attorneys do not appear with full settlement author-ity, requisite information or fail to negotiate in good faith, the report said judges should mete out con-sequences like the tolling or bar-ring of interest collection or stay-ing actions until lenders meet their “obligations under the settlement conference law.”
In an interview, Jacob Inwald, director of foreclosure prevention for Legal Services NYC and one of the report’s authors, said the report aimed to encourage enforce-ment of the law “as currently writ-ten, so the process is not dragged out indefinitely” and conferences were productive.
He said in some cases judges have already imposed remedies like tolling interest. But that sort of relief occurred only after motion practice or hearings which requir-ing legal representation, he noted.
Just over half of homeowners were represented at settlement conferences from october 2012 to 2013, according to court statistics.
Inwald said he and colleagues were “definitely supportive” of judge assignments to settlement conferences and noted one judge in the Bronx already has such a task and one judge in Queens did too for a period of time.
@ | andrew Keshner can be contacted at
[email protected]. Twitter:
@andrewKeshner.
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AHMAD, SYEDA ARSHIAAHMADINIA, SOGOL AHMED, NORA SAMAHMED, SABRINA AHN, KWANGMIN AHN, MOSES MYUNGCHULAHN, TAEHEE AHUJA, RAGHAV AIELLO, JACQUELINE LISAAIKEN, DREW LAURENAIKEN, KARLENE ANNAIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEAJLOUNI, ADAM MUNTHERAKANBI, OPEYEMI OLUWATOLAAKBAR, IMAN AKERMAN, DAVID AKERMAN, ELIZABETH MICHELLEAKINGBOJU, SAMUEL OLUSEYIAKINOLA, OLUWATOYIN OLAYIDE
SE
RV
ING THE BENCH
AND BAR SINCE 1888
TUESDAY, NOVEMBER 6, 2012
WWW. NYLJ.COM
New York State Bar ResultsList of Applicants Who Passed the July Bar Examination
Following is the list issued by the State Board of Law Examiners of the names of the 7,927 candidates who passed the bar examination given on July 24 and 25. Of the 11,734 candidates who took the exam, 68 percent were certi�ed for admission to the bar and are to be interviewed by appropriate Committees on Character and Fitness.
Reprinted with permission from the November 6, 2012 edition of the NEW YORK LAW JOURNAL © 2012 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited. For information, contact 877-257-3382 or [email protected]. # 070-01-12-00
ABOKHAIR, ANDREW JOHN ACKER, CASEY PATRICK ADDY, REBEKAH GAIL AHMAD, KEIRIN PATRICIA
ABAEV, NISSIM ABBOTT, CHRISTOPHER JOHNABBOTT, MAXWELL ROLLERABBOTT III, CHARLES LINCOLNABDEL-ALEEM, YUSSUF SALAHABDEL-RAHMAN, AHMED ABEDIN, ALIREZA ABEND, MICHAEL DAVIDABERG, ALAN LOUISABI CHAKRA, NADINE ABLAN, JOHN RUSSELL
ABRAMS, MEREDITH JANEABRAMS, VICTORIA ABRAMSON, JOSHUA MANNINGABRAMSON, JUDD MICHAELABRESS, JOHN ALLANABREU, JENNIFER ABU-EID, DALIA ABUGATTAS, MIGUEL ACEVEDO, LEONARDO ADONISACHARD, PIERRE ADRIEN MARC
ADAMS, RYAN JOHNADAMS, SHANIQUE NICOLEADAMS, SKY CHRISTOPHERADAMSKI, THERESA MAXIMILIANEADAMUCCI, LEAH DIANEADAR, YANIV ADDAMO, GINA ADDES, KIRAH MICHELLEADDIE, SEAN ADDISON, MICHAEL GARBOADDUCI, CARRIE C.
ADRA, RANDA AFZALI, JAVID AGARWAL, JESSICA ROHINIAGARWAL, PRIYA AGGARWAL, TANYA AGIN, MARK JASONAGNEW, AMY JANEAGOSTA, MICHAEL MATTHEWAGRON, JACOB LEEAGUILAR ALDAPE, DIANA ARLENAHMAD, AZMI FATIMA
ADAMS, MARY E ADLER, JULIE MICHELE AHUJA, RAGHAV AIELLO, JACQUELINE LISAAIKEN, DREW LAURENAIKEN, KARLENE ANNAIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEAJLOUNI, ADAM MUNTHERAKANBI, OPEYEMI OLUWATOLAAKBAR, IMAN AKERMAN, DAVID AKERMAN, ELIZABETH
AINSPAN, RACHEL PAULINE
AIKEN, KARLENE ANNAIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINE
AIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINECONGRATULATIONS ON PASSING THE BAR!CONGRATULATIONS ON PASSING THE BAR!
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AHMAD, SYEDA ARSHIAAHMADINIA, SOGOL AHMED, NORA SAMAHMED, SABRINA AHN, KWANGMIN AHN, MOSES MYUNGCHUL
List of Applicants Who Passed the July Bar Examination
AIELLO, JACQUELINE LISAAIKEN, DREW LAURENAIKEN, KARLENE ANN
AINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEAJLOUNI, ADAM MUNTHERAKANBI, OPEYEMI
AKERMAN, DAVID AKERMAN, ELIZABETH
ARAINSLEY, GREGORY MICHAELARAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEARAINSPAN, RACHEL PAULINE!AINSLEY, GREGORY MICHAEL!AINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINE!AINSPAN, RACHEL PAULINE
ARAIKEN, KARLENE ANN
ARAIKEN, KARLENE ANN
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AINSLEY, GREGORY MICHAEL!AINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINE
!AINSPAN, RACHEL PAULINEAR!ARAINSLEY, GREGORY MICHAELARAINSLEY, GREGORY MICHAEL!AINSLEY, GREGORY MICHAELARAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEARAINSPAN, RACHEL PAULINE
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!AINSPAN, RACHEL PAULINE!AINSPAN, RACHEL PAULINE
AKINGBOJU, SAMUEL OLUSEYIAKINOLA, OLUWATOYIN OLAYIDE
AARON-COOPER, MELISSA VANESSAABAEV, NISSIM ABBOTT, CHRISTOPHER JOHNABBOTT, MAXWELL ROLLERABBOTT III, CHARLES LINCOLNABDEL-ALEEM, YUSSUF SALAHABDEL-RAHMAN, AHMED ABEDIN, ALIREZA ABEND, MICHAEL DAVIDABERG, ALAN LOUISABI CHAKRA, NADINE ABLAN, JOHN RUSSELLABOKHAIR, ANDREW JOHNABOLAFIA, JESSICA-WIND PIAABOUCHALACHE, DIALA
ABRAMS, JACOB ABRAMS, JONATHAN ABRAMS, MEREDITH JANEABRAMS, VICTORIA ABRAMSON, JOSHUA MANNINGABRAMSON, JUDD MICHAELABRESS, JOHN ALLANABREU, JENNIFER ABU-EID, DALIA ABUGATTAS, MIGUEL ACEVEDO, LEONARDO ADONISACHARD, PIERRE ADRIEN MARCACKER, CASEY PATRICKACKERMAN, ELISHEVA NATANYA
ACOSTA, ALLEN FACOSTA, JESSICA MICHELLEADACHI, YUSUKE ADAM, KEVIN CHARLESADAMITIS, RACHEL ISABELADAMS, JENNIFER LYNNEADAMS, LUCAS CHARLESADAMS, MARY EADAMS, RYAN JOHNADAMS, SHANIQUE NICOLEADAMS, SKY CHRISTOPHERADAMSKI, THERESA MAXIMILIANEADAMUCCI, LEAH DIANEADAR, YANIV ADDAMO, GINA ADDES, KIRAH MICHELLEADDIE, SEAN ADDISON, MICHAEL GARBOADDUCI, CARRIE C.ADDY, REBEKAH GAILADEBAYO, ADEWOLE EBENEZER
ADEDEJI, ADEFOYEKE ABIMBOLAADEGITE, STELLA R. ADELMAN, JOHN MICHAELADER, MELISSA SUSANADEWALE, THERESA OMOTAYOADLER, JAMES KEVITTADLER, JULIE MICHELEADON, ROLFI JASONADRA, RANDA AFZALI, JAVID AGARWAL, JESSICA ROHINIAGARWAL, PRIYA AGGARWAL, TANYA AGIN, MARK JASONAGNEW, AMY JANEAGOSTA, MICHAEL MATTHEWAGRON, JACOB LEEAGUILAR ALDAPE, DIANA ARLENAHMAD, AZMI FATIMAAHMAD, KEIRIN PATRICIAAHMAD, MARIAM AHMAD, SARAH
AHMAD, SYEDA ARSHIAAHMADINIA, SOGOL AHMED, NORA SAMAHMED, SABRINA AHN, KWANGMIN AHN, MOSES MYUNGCHULAHN, TAEHEE AHUJA, RAGHAV AIELLO, JACQUELINE LISAAIKEN, DREW LAURENAIKEN, KARLENE ANNAIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEAJLOUNI, ADAM MUNTHERAKANBI, OPEYEMI OLUWATOLAAKBAR, IMAN AKERMAN, DAVID AKERMAN, ELIZABETH MICHELLEAKINGBOJU, SAMUEL OLUSEYIAKINOLA, OLUWATOYIN OLAYIDE
SE
RV
ING THE BENCH
AND BAR SINCE 1888
TUESDAY, NOVEMBER 6, 2012
WWW. NYLJ.COM
New York State Bar ResultsList of Applicants Who Passed the July Bar Examination
Following is the list issued by the State Board of Law Examiners of the names of the 7,927 candidates who passed the bar examination given on July 24 and 25. Of the 11,734 candidates who took the exam, 68 percent were certi�ed for admission to the bar and are to be interviewed by appropriate Committees on Character and Fitness.
Reprinted with permission from the November 6, 2012 edition of the NEW YORK LAW JOURNAL © 2012 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited. For information, contact 877-257-3382 or [email protected]. # 070-01-12-00
VANESSAABAEV, NISSIM ABBOTT, CHRISTOPHER JOHNABBOTT, MAXWELL ROLLERABBOTT III, CHARLES LINCOLNABDEL-ALEEM, YUSSUF SALAHABDEL-RAHMAN, AHMED ABEDIN, ALIREZA ABEND, MICHAEL DAVIDABERG, ALAN LOUISABI CHAKRA, NADINE ABLAN, JOHN RUSSELLABOKHAIR, ANDREW JOHN
ABRAMS, JONATHAN ABRAMS, MEREDITH JANEABRAMS, VICTORIA ABRAMSON, JOSHUA MANNINGABRAMSON, JUDD MICHAELABRESS, JOHN ALLANABREU, JENNIFER ABU-EID, DALIA ABUGATTAS, MIGUEL ACEVEDO, LEONARDO ADONISACHARD, PIERRE ADRIEN MARCACKER, CASEY PATRICK
ADAMS, MARY EADAMS, RYAN JOHNADAMS, SHANIQUE NICOLEADAMS, SKY CHRISTOPHERADAMSKI, THERESA MAXIMILIANEADAMUCCI, LEAH DIANEADAR, YANIV ADDAMO, GINA ADDES, KIRAH MICHELLEADDIE, SEAN ADDISON, MICHAEL GARBOADDUCI, CARRIE C.ADDY, REBEKAH GAIL
ADLER, JULIE MICHELEADON, ROLFI JASONADRA, RANDA AFZALI, JAVID AGARWAL, JESSICA ROHINIAGARWAL, PRIYA AGGARWAL, TANYA AGIN, MARK JASONAGNEW, AMY JANEAGOSTA, MICHAEL MATTHEWAGRON, JACOB LEEAGUILAR ALDAPE, DIANA ARLENAHMAD, AZMI FATIMAAHMAD, KEIRIN PATRICIA
AHUJA, RAGHAV AIELLO, JACQUELINE LISAAIKEN, DREW LAURENAIKEN, KARLENE ANNAIKINS, MICHAEL TAINSLEY, GREGORY MICHAELAINSPAN, RACHEL PAULINEAJLOUNI, ADAM MUNTHERAKANBI, OPEYEMI OLUWATOLAAKBAR, IMAN AKERMAN, DAVID AKERMAN, ELIZABETH MICHELLE
CONGRATULATIONS ON PASSING THE BAR!CONGRATULATIONS ON PASSING THE BAR!STELLA R. ADEGITESTELLA R. ADEGITE
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