Salaries might be falling and law school students might be graduating with higher debt and fewer job options. But that doesn’t mean the head honchos of the BigLaw world are feeling the pain.The American Lawyer magazine recently released its list of the 100 highest grossing law firms in the world and shockingly enough, the winners actually made more money than they did last year.
Topping the ranking is Baker & McKenzie, which pulled in a cool $2.313 billion in gross revenue this year.
The firm employs more than 4,000 lawyers across 71 offices worldwide and specialises in global markets.
Baker & McKenzie, which has held the top spot for the past three years, earned $2.265 billion last year, according to Above The Law.
The 2012 rankings stayed largely the same as the 2011 list, the only real change coming when DLA Piper and Skadden Arps switched spots. DLA is now second and Skadden rounds out the top trio, according to Above The Law.
These numbers come as a bit of shock, given the current state of the legal industry. First-year associates are only earning about $145,000 — a big drop from the $160,000 they were making in 2009.
But, while law school students and junior associates suffer, partners at the country’s leading firms are rolling in the dough, earning on average a jaw-dropping $681,000.
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