Last year, on average, was the best year for law firms since the recession. But averages can be misleading.
Revenue
at large, corporate law firms rose by close to 5% in 2014. But that’s
mostly because a small group of elite law firms continue to thrive,
while more than 100 others struggle to keep pace.
A field of
around 15 to 20 law firms dominates the law market, industry observers
say. Most are corporate heavyweights that benefited from the boom in
mergers-and-acquisitions work last year, including Davis Polk &
Wardwell LLP, Kirkland & Ellis LLP, Skadden, Arps, Slate, Meagher
& Flom LLP and Sullivan & Cromwell LLP.
At the 15
most-profitable firms, revenue increased 6.6% on average, according to
data collected by Citi Private Bank’s Law Firm Group. That compares with
a 4% increase across 170 other law firms surveyed by Citi.
http://www.wsj.com/articles/legal-revenue-grows-as-elite-law-firms-set-the-pace-1428269775
Stead Law Firm