Lessons of The Am Law 100: Is the Golden Age Over?
It was fun while it lasted. In 2007, The Am Law 100, the top-grossing law firms in the U.S., finished the best sustained growth spurt since began tracking firm financials in 1984. For the first time, firms showed five consecutive years of better-than-average growth in revenue per lawyer and profits per partner. This Golden Age for law firms has been fueled by surging demand for high-end legal services and unrelenting rate hikes. But now, there are signs the great run may be over.
