Domain: Business of Law
One of the big topics discussed recently in the legal press is how the very large firms continue to separate themselves from the rest of the AmLaw 200. In an article accompanying the American Lawyer’s financial disclosure reports for the AmLaw 100, the magazine revealed some pretty shocking statistics; while the top 50 firms reporting significant increases in revenue per lawyer, profit per partner and profit per lawyer, the next 50 firms reporting decreases in all of these statistical categories.
This confirms what many observers have been saying over the past few years---that the megafirms are pulling away from the pack. You would think that a large number of midsize firms would be responding by illustrating how they are more efficient and provide very value to clients. But a recent study performed by The McCormick Group indicates that a much higher percentage of practice group management and legal project management professionals are being hired at the larger firms.
Stephen K. Nelson, The McCormick Group
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