For any Biglaw firm intrigued in taking in excess of the best place in the Am Law 100, Latham & Watkins has thrown down the gauntlet: $3 billion in profits.
The current #1 firm appears to be poised to reclaim the throne on the again of $3.064 billion in profits in 2017, as reported by Law.com, on the again of a ~7 per cent boost in attorney headcount. Earnings per lover were also up at Latham to $3.25 million.
The firm’s management pressured there was a large amount of strategic pondering that went into the accomplishment, and they’re poised to grow even additional:
LeeAnn Black, the firm’s main working officer, stated she options to converse at an upcoming Latham partners’ assembly about how the firm attained its “1-2-3” punch of reaching the $1 billion profits mark in 2003, the $2 billion mark in 2007, and now the $3 billion mark.
“It was a large amount of strategic thought and work and execution to truly get all the pieces in location,” Black stated in an job interview. “And now we have this superb option in front of us to acquire gain of it, and we’re starting to see substantial positive aspects.”
London-based vice chair Richard Trobman agreed that the firm was poised to keep building on its modern expansion: “We’re persuaded that we have only begun to benefit from all the expense that we have put in in excess of the decades,” he stated.
Money data for Biglaw firms’ 2017 results is remaining collected by ALM in progress of their yearly ranking. So considerably, nine other companies have entered the rarified air of the billion-greenback profits club.
Kathryn Rubino is an editor at Higher than the Law. AtL tipsters are the very best, so be sure to join with her. Truly feel no cost to e-mail her with any strategies, queries, or comments and stick to her on Twitter (@Kathryn1).