While we wait for the full release of the Am Law 100, Zeugheuser Group has been keeping tabs statistics released so far.
Using the data from 52 Am Law 100 firms, they calculated that profit per equity partner (PPEP) dropped .8% in 2009 compared to 2008 and gross revenues decreased 3.8%.
But things look much better below the 100 level. Of 15 Am Law 200 firms, the average PPEP increased 9.8% and gross revenues grew 2.3%.
This isn’t the first indicator of such a trend in PPEP for the top 100; A Citi report released in January that included 50 firms had similar findings. But, if the 15 firms of the Am Law 200 are any indication, this is the first hint that a confluence of factors may have dramatically bolstered results for smaller firms.
According to Zeugheuser and rather expectantly, the results were achieved by “cutting costs deeply, principally be reducing headcount.” Compounding the annual growth rates of PPEP since 2007, Zeugheuser’s results indicate that D.C.-based firms squeaked out the last two years in the best shape.
Among the 67 firms on the report, Quinn Emanuel has the highest reported PPEP, with $3.1 million.
While the report may indicate that things weren’t quite as bad as previously thought, it’s also just another reason to keep hoping this year gets better.
Read the full report here
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