UIDE TO LEADING LAW FIRMS THE AM LAW 100/200 THE GLOBAL 100 THE A-LIST CORPORATE SCORECARD

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1 UIDE TO LEADING LAW FIRMS THE AM LAW 100/200 THE GLOBAL 100 THE A-LIST CORPORATE SCORECARD ZEUGHAUSER GROUP S 2016 POCKET GUIDE TO THE AMERICAN LAWYER RANKINGS

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3 Dear Clients and Other Friends: We are delighted to present you with the ZGuide to the 2016 Am Law 200 and 2015 Global 100. In our prefatory letter to last year s guide, we noted that the complexion of the firms comprising Am Law lists was as much back to the future as it was the new normal. This certainly has not changed. Measured by the key financial metrics, an elite 10 percent are massed in New York City and/or in London, nearly all of them predominantly corporate. The nifty fifty in the next tier are highly successful full-service corporate firms anxious about sustaining and enhancing their ability to compete for top clients, work, and talent. The balance: a mixed bag of strong and challenged practices. But evidence of the restructuring of the legal industry continued to mount over the past year. Most strikingly, the GC of one of the industry s most demanding discounters, Wal-Mart, widely applauded the $2,000-anhour rates of a top-ten-percent law firm, while another GC squealed and demanded 35% discounts from his select group of providers, in essence demanding that they work for free! Just a few months later, industry leader Cravath, always concerned that the best and ZGuide

4 the brightest might find careers in investment banking more attractive than law, led the industry with a dramatic pay bump for associates, capping a ten-fold increase in starting pay over the past 40 years. More change lies ahead for Big Law. Brexit may upend the New York/London financial axis, complicating and increasing the cost of vexing strategy choices for growing international firms. A group of leading indigenous Chinese firms already dominating the market for highend legal work in China are positioning themselves to debut in international markets. We seem to be at an impending tipping point in artificial intelligence that portends material changes in the leverage model and the skill sets needed to succeed in Big Law. Although there were no ground-breaking mergers in 2015, the cacophony of mating calls in Big Law is louder and more persistent than ever. In each year s ZGuide, we espouse our belief that market leadership is an imperative not just for success, but for sustainability, and that relentless focus on being at the top will be the only solve for surviving the legal industry s crucible of change. We also reiterate the imperative of surpassing the expectations of increasingly sophisticated and demanding clients while maintaining high levels of profitability. We underscore those imperatives again here. For firms that achieve market leadership, the opportunities remain boundless. In 2016 we are evermore grateful to our clients, the many Am Law 200 and Global 100 firms that participate in our Chair, COO, and CMO Roundtables, and our many other friends in the industry for their interest in and enduring support of our work. We also want to express ZGuide

5 our gratitude for their extraordinary contributions of time and money to pro bono representations and to their communities across the globe. You inspire us. We join all of you in your belief that these contributions are essential underpinnings of your success and the success of the legal system we cherish. We look forward to working with you in choosing, achieving, and sustaining market leadership! Sincerely, Ron Beard R. Bruce McLean Norm Rubenstein Jack Walker Mary K Young Peter Zeughauser Kent Zimmermann Lonnie Zwerin ALM Media Properties, LLC and Zeughauser Group, LLC Chart information reprinted with permission from the May, June, August 2016, and October 2015 issues of The American Lawyer (The Am Law 100, The Am Law 200, The A-List, and The Global 100. Corporate Scorecard information comes from americanlawyer.com, and was published online in April and 2016 ALM Media Properties, LLC ZGuide

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7 Table of Contents Methodology The Am Law 200, The A-List... 2 The Am Law 200 Ranked by Profits Per Equity Partner... 4 The Am Law 200 Ranked by Value Per Lawyer...24 Methodology The Global The Global 100 Ranked by Profits Per Equity Partner...36 Methodology The Corporate Scorecard...46 The Corporate Scorecard Mergers and Acquisitions...48 Buyouts...48 U.S. IPOs...49 Non-U.S. IPOs...49 Equities by U.S. Corporations...50 Equities by Non-U.S. Corporations...50 Investment-Grade Debt...51 High-Yield Debt...51 Asset-Backed Securities...51 Mortgage-Backed Securities...52 Municipal Bonds...52 Project Finance...52 REIT Equities REIT Debt...53 Law Index...54 ZGuide 1

8 The Am Law 200 Methodology The Am Law 200 is reported by ALM publications throughout the United States, including The American Lawyer, the Connecticut Law Tribune, the Daily Business Review (Miami), the Daily Report (Atlanta), The Legal Intelligencer (Philadelphia), The National Law Journal/Legal Times, the New Jersey Law Journal, The Recorder (San Francisco), and Texas Lawyer. Most law firms provide their financials voluntarily for this report, but all data, whether it comes officially from the firm or not, is investigated by reporters. Definitions Gross revenue is fee income from legal work only. It does not include disbursements or income from nonlegal ancillary businesses. Net is compensation paid to equity partners. Equity partners are those who receive no more than half their compensation on a fixed-income basis. Nonequity partners are those who receive more than half their compensation on a fixed-income basis. Retired partners and of counsel are not counted as partners. Lawyer numbers are full-time-equivalent figures for the 2015 calendar year taken from The National Law Journal s most recent NLJ 350 survey. Temporary and contract attorneys are not included. Calculations Gross Revenue is rounded to the nearest $500,000. Profits Per Equity Partner, Revenue Per Lawyer, and Compensation Average, All Partners are rounded to the nearest $5, ZGuide

9 Profits Per Equity Partner (PPEP) is calculated by dividing net operating income by the number of equity partners. Revenue Per Lawyer (RPL) is the gross revenue divided by the total number of lawyers. Compensation Average, All Partners, is the net operating income plus the fixed-income compensation paid to nonequity partners, divided by the total number of partners, both equity and nonequity. Value Per Lawyer (VPL) is the compensation all partners divided by the total number of lawyers. That number is then divided into $10 million to determine how many lawyers it takes to generate that amount. Location of s Some firms are identified as international or national, rather than identifying them by city, according to the distribution of their lawyers. International firms are those with 40 percent or more of their lawyers outside the United States. National firms are those with no more than 45 percent of their lawyers located in any single region of the U.S. Vereins are broken out separately on the charts because their organizational structure, particularly regarding profit sharing among offices, differs significantly from traditionally structured Am Law firms. The A-List The A-List, comprised of just 20 firms, is determined by rankings in four surveys The American Lawyer s Revenue Per Lawyer (from the Am Law 200), Pro Bono, and Midlevel Associate Surveys, and the Minority Law Journal s Diversity Scorecard. To determine each firm s score, points are doubled for both Revenue Per Lawyer and Pro Bono rankings and then added to the scores for the Midlevel Associate Survey and Diversity Scorecard rankings. Additional information about the A-List is available on americanlawyer.com and in the August 2016 issue of The American Lawyer. u ZGuide 3

10 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Wachtell, Lipton, Rosen & Katz 261 Lawyers, 84 Equity Partners, New York Quinn Emanuel Urquhart & Sullivan 674 Lawyers, 156 Equity Partners, National Paul, Weiss, Rifkind, Wharton & Garrison 949 Lawyers, 140 Equity Partners, New York Sullivan & Cromwell 792 Lawyers, 168 Equity Partners, New York Kirkland & Ellis 1,619 Lawyers, 351 Equity Partners, National Cravath, Swaine & Moore 472 Lawyers, 90 Equity Partners, New York Simpson Thacher & Bartlett 961 Lawyers, 187 Equity Partners, New York Cahill Gordon & Reindel 312 Lawyers, 62 Equity Partners, New York Davis Polk & Wardwell 894 Lawyers, 153 Equity Partners, New York Irell & Manella 126 Lawyers, 39 Equity Partners, Los Angeles Gibson, Dunn & Crutcher 1,212 Lawyers, 297 Equity Partners, National Skadden, Arps, Slate, Meagher & Flom 1,677 Lawyers, 375 Equity Partners, National Boies, Schiller & Flexner 300 Lawyers, 47 Equity Partners, National Cleary Gottlieb Steen & Hamilton 1,203 Lawyers, 189 Equity Partners, International Latham & Watkins 2,177 Lawyers, 454 Equity Partners, National Milbank, Tweed, Hadley & McCloy 649 Lawyers, 146 Equity Partners, New York Debevoise & Plimpton 615 Lawyers, 134 Equity Partners, New York BuckleySandler 144 Lawyers, 34 Equity Partners, Washington, DC Willkie Farr & Gallagher 570 Lawyers, 140 Equity Partners, New York Weil, Gotshal & Manges 1,063 Lawyers, 164 Equity Partners, National 4 ZGuide

11 Names of firms ranked 101 to 200 on The Am Law 200 are in bold. s noted with a star ( ) are on The American Lawyer's A-List. (See the methodology on pages 2 and 3.) Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $6,600,000 $831,500, $3,185,000 1 $6,600,000 $4,420,000 $1,042,500, $1,545,000 4 $3,515,000 $4,085,000 $1,109,500, $1,170, $4,085,000 $3,870,000 $1,314,000, $1,660,000 2 $3,870,000 $3,605,000 $2,305,000,000 5 $1,425,000 6 $1,935,000 $3,555,000 $666,500, $1,410,000 7 $3,515,000 $3,470,000 $1,278,000, $1,330,000 8 $3,470,000 $3,360,000 $364,500, $1,170, $3,010,000 $3,305,000 $1,100,000, $1,230, $3,305,000 $3,205,000 $200,000, $1,590,000 3 $3,205,000 $3,185,000 $1,535,500, $1,265, $2,860,000 $3,125,000 $2,410,000,000 4 $1,435,000 5 $3,125,000 $3,085,000 $380,000, $1,265, $1,625,000 $3,080,000 $1,212,500, $1,010, $3,080,000 $2,905,000 $2,650,000,000 1 $1,215, $2,370,000 $2,765,000 $771,000, $1,190, $2,625,000 $2,625,000 $757,000, $1,230, $2,625,000 $2,615,000 $145,500, $1,010, $2,615,000 $2,605,000 $658,000, $1,155, $2,605,000 $2,520,000 $1,164,000, $1,095, $1,880,000 ZGuide 5

12 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location King & Spalding 936 Lawyers, 178 Equity Partners, National Dechert 884 Lawyers, 163 Equity Partners, National Paul Hastings 912 Lawyers, 195 Equity Partners, National Schulte Roth & Zabel 355 Lawyers, 85 Equity Partners, New York Wilson Sonsini Goodrich & Rosati 698 Lawyers, 132 Equity Partners, Palo Alto Fried, Frank, Harris, Shriver & Jacobson 412 Lawyers, 104 Equity Partners, New York Proskauer Rose 701 Lawyers, 169 Equity Partners, New York Sidley Austin 1,779 Lawyers, 342 Equity Partners, National Cadwalader, Wickersham & Taft 448 Lawyers, 47 Equity Partners, New York White & Case 1,914 Lawyers, 287 Equity Partners, International Ropes & Gray 1,106 Lawyers, 282 Equity Partners, National Goodwin Procter 790 Lawyers, 195 Equity Partners, Boston Akin Gump Strauss Hauer & Feld 851 Lawyers, 210 Equity Partners, National Choate Hall & Stewart 160 Lawyers, 59 Equity Partners, Boston Hughes Hubbard & Reed 316 Lawyers, 74 Equity Partners, New York Cooley 801 Lawyers, 196 Equity Partners, Palo Alto Vinson & Elkins 608 Lawyers, 145 Equity Partners, Houston Munger, Tolles & Olson 202 Lawyers, 86 Equity Partners, Los Angeles Fragomen, Del Rey, Bernsen & Loewy 519 Lawyers, 64 Equity Partners, International Kasowitz, Benson, Torres & Friedman 282 Lawyers, 44 Equity Partners, New York 6 ZGuide

13 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $2,515,000 $1,018,500, $1,090, $1,510,000 $2,510,000 $890,000, $1,005, $1,695,000 $2,505,000 $1,056,500, $1,160, $2,045,000 $2,330,000 $405,500, $1,140, $2,330,000 $2,215,000 $735,000, $1,055, $1,860,000 $2,205,000 $504,500, $1,225, $1,930,000 $2,150,000 $822,500, $1,175, $1,780,000 $2,065,000 $1,867,000,000 7 $1,050, $1,360,000 $2,060,000 $463,500, $1,035, $1,500,000 $2,020,000 $1,523,500, $795, $1,500,000 $2,015,000 $1,390,000, $1,255, $2,015,000 $1,990,000 $865,500, $1,095, $1,455,000 $1,915,000 $930,000, $1,095, $1,485,000 $1,910,000 $202,500, $1,265, $1,470,000 $1,905,000 $361,500, $1,145, $1,675,000 $1,885,000 $912,000, $1,140, $1,520,000 $1,885,000 $627,500, $1,030, $1,545,000 $1,865,000 $261,000, $1,290, $1,865,000 $1,850,000 $494,000, $950, $1,315,000 $1,845,000 $234,500, $830, $1,110,000 ZGuide 7

14 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Shearman & Sterling 839 Lawyers, 162 Equity Partners, International Kramer Levin Naftalis & Frankel 315 Lawyers, 68 Equity Partners, New York Wilmer Cutler Pickering Hale and Dorr 907 Lawyers, 280 Equity Partners, National Baker Botts 699 Lawyers, 167 Equity Partners, Houston Winston & Strawn 808 Lawyers, 146 Equity Partners, National Orrick, Herrington & Sutcliffe 916 Lawyers, 128 Equity Partners, National O'Melveny & Myers 634 Lawyers, 170 Equity Partners, Los Angeles Alston & Bird 752 Lawyers, 142 Equity Partners, Atlanta Jenner & Block 436 Lawyers, 114 Equity Partners, Chicago Jeffer Mangels Butler & Mitchell 128 Lawyers, 38 Equity Partners, Los Angeles Fenwick & West 303 Lawyers, 87 Equity Partners, Mountain View, CA Patterson Belknap Webb & Tyler 176 Lawyers, 46 Equity Partners, New York McDermott Will & Emery 981 Lawyers, 195 Equity Partners, National DLA Piper 1 3,756 Lawyers, 386 Equity Partners, Verein Lowenstein Sandler 276 Lawyers, 52 Equity Partners, Roseland, NJ Mayer Brown 1,507 Lawyers, 286 Equity Partners, International Williams & Connolly 304 Lawyers, 117 Equity Partners, Washington, DC Morrison & Foerster 941 Lawyers, 242 Equity Partners, National Morgan, Lewis & Bockius 1,880 Lawyers, 520 Equity Partners, National Katten Muchin Rosenman 623 Lawyers, 149 Equity Partners, National 8 ZGuide

15 1 Vereins differ structurally from other Am Law 100 firms, especially in regard to profit sharing. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,835,000 $860,500, $1,025, $1,675,000 $1,830,000 $332,000, $1,050, $1,545,000 $1,810,000 $1,140,000, $1,255, $1,810,000 $1,805,000 $704,500, $1,010, $1,330,000 $1,805,000 $818,500, $1,015, $1,110,000 $1,790,000 $913,000, $995, $1,150,000 $1,760,000 $689,500, $1,085, $1,700,000 $1,745,000 $688,000, $915, $1,025,000 $1,720,000 $465,000, $1,065, $1,225,000 $1,685,000 $105,500, $825, $1,050,000 $1,620,000 $363,500, $1,200, $1,495,000 $1,620,000 $187,500, $1,065, $1,615,000 $1,580,000 $891,500, $910, $875,000 $1,570,000 $2,543,000,000 2 $675, $825,000 $1,560,000 $252,000, $915, $1,025,000 $1,560,000 $1,257,000, $835, $890,000 $1,560,000 $403,000, $1,325,000 9 $1,560,000 $1,555,000 $979,500, $1,040, $1,315,000 $1,530,000 $1,844,000,000 8 $980, $1,280,000 $1,510,000 $561,500, $900, $925,000 ZGuide 9

16 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Fish & Richardson 338 Lawyers, 106 Equity Partners, National Greenberg Traurig 1,809 Lawyers, 304 Equity Partners, National Sheppard, Mullin, Richter & Hampton 606 Lawyers, 121 Equity Partners, Los Angeles Loeb & Loeb 271 Lawyers, 41 Equity Partners, National Manatt, Phelps & Phillips 330 Lawyers, 59 Equity Partners, Los Angeles Kaye Scholer 370 Lawyers, 96 Equity Partners, New York Brown Rudnick 203 Lawyers, 59 Equity Partners, National Curtis, Mallet-Prevost, Colt & Mosle 317 Lawyers, 15 Equity Partners, International Covington & Burling 793 Lawyers, 257 Equity Partners, Washington, DC Hogan Lovells 1 2,516 Lawyers, 533 Equity Partners, Verein Holland & Knight 1,044 Lawyers, 176 Equity Partners, National Stroock & Stroock & Lavan 270 Lawyers, 90 Equity Partners, New York Andrews Kurth 320 Lawyers, 73 Equity Partners, Houston Arnold & Porter 666 Lawyers, 234 Equity Partners, Washington, DC Bracewell & Giuliani 417 Lawyers, 72 Equity Partners, Houston Pillsbury Winthrop Shaw Pittman 598 Lawyers, 152 Equity Partners, National Finnegan, Henderson, Farabow, Garrett & Dunner 292 Lawyers, 91 Equity Partners, Washington, DC Robins Kaplan 204 Lawyers, 67 Equity Partners, Minneapolis Baker & McKenzie 1 4,363 Lawyers, 702 Equity Partners, Verein Chadbourne & Parke 318 Lawyers, 63 Equity Partners, New York 10 ZGuide

17 1 Vereins differ structurally from other Am Law 100 firms, especially in regard to profit sharing. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,490,000 $395,000, $1,170, $1,070,000 $1,475,000 $1,321,500, $730, $770,000 $1,445,000 $559,500, $925, $975,000 $1,430,000 $245,500, $910, $720,000 $1,385,000 $324,000, $980, $730,000 $1,380,000 $370,000, $1,000, $1,205,000 $1,355,000 $192,500, $945, $980,000 $1,345,000 $151,500, $480, $530,000 $1,275,000 $742,500, $935, $1,275,000 $1,250,000 $1,821,000,000 9 $725, $995,000 $1,250,000 $744,000, $710, $705,000 $1,245,000 $265,500, $985, $1,245,000 $1,235,000 $297,000, $930, $865,000 $1,210,000 $650,000, $975, $1,210,000 $1,190,000 $296,500, $710, $700,000 $1,185,000 $557,000, $930, $860,000 $1,175,000 $308,000, $1,055, $980,000 $1,150,000 $180,000, $880, $1,025,000 $1,140,000 $2,430,000,000 3 $555, $805,000 $1,135,000 $249,000, $785, $910,000 ZGuide 11

18 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Foley & Lardner 845 Lawyers, 147 Equity Partners, National Foley Hoag 233 Lawyers, 47 Equity Partners, Boston Wiley Rein 249 Lawyers, 71 Equity Partners, Washington, DC Reed Smith 1,618 Lawyers, 308 Equity Partners, National Perkins Coie 938 Lawyers, 185 Equity Partners, Seattle Morris, Manning & Martin 159 Lawyers, 44 Equity Partners, Atlanta Mintz, Levin, Cohn, Ferris, Glovsky and Popeo Lawyers, 65 Equity Partners, Boston Venable 596 Lawyers, 162 Equity Partners, National McGuireWoods 965 Lawyers, 174 Equity Partners, Richmond Crowell & Moring 441 Lawyers, 96 Equity Partners, Washington, DC Pepper Hamilton 494 Lawyers, 138 Equity Partners, Philadelphia Chapman and Cutler 235 Lawyers, 98 Equity Partners, Chicago Seyfarth Shaw 798 Lawyers, 192 Equity Partners, National Sutherland Asbill & Brennan 380 Lawyers, 86 Equity Partners, National Jones Day 2,562 Lawyers, 928 Equity Partners, National McElroy, Deutsch, Mulvaney & Carpenter 251 Lawyers, 31 Equity Partners, Morristown, NJ Schiff Hardin 316 Lawyers, 94 Equity Partners, Chicago Winstead 335 Lawyers, 110 Equity Partners, Dallas Troutman Sanders 626 Lawyers, 186 Equity Partners, Atlanta Moore & Van Allen 278 Lawyers, 78 Equity Partners, Charlotte 12 ZGuide

19 2 Fiscal year ends on March 31. Results were projected in order to meet The Am Law 100 s publication deadline. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,130,000 $682,000, $805, $705,000 $1,125,000 $173,500, $745, $730,000 $1,110,000 $209,000, $840, $670,000 $1,105,000 $1,123,000, $695, $710,000 $1,100,000 $748,500, $800, $725,000 $1,070,000 $121,500, $760, $795,000 $1,065,000 $360,000, $805, $655,000 $1,060,000 $477,000, $800, $790,000 $1,045,000 $653,500, $675, $690,000 $1,035,000 $363,000, $825, $740,000 $1,025,000 $388,500, $785, $795,000 $1,020,000 $193,000, $820, $795,000 $1,020,000 $590,000, $740, $660,000 $1,020,000 $301,000, $790, $710,000 $1,010,000 $1,941,000,000 6 $755, $1,010,000 $980,000 $118,500, $470, $460,000 $980,000 $276,500, $875, $715,000 $975,000 $212,500, $635, $695,000 $970,000 $468,500, $750, $735,000 $965,000 $183,000, $660, $640,000 ZGuide 13

20 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Hunton & Williams Lawyers, 167 Equity Partners, National Thompson & Knight 272 Lawyers, 91 Equity Partners, Dallas Steptoe & Johnson 374 Lawyers, 125 Equity Partners, Washington, DC Arent Fox 349 Lawyers, 107 Equity Partners, Washington, DC Baker & Hostetler 905 Lawyers, 168 Equity Partners, National Kilpatrick Townsend & Stockton 574 Lawyers, 109 Equity Partners, Atlanta Vedder Price 302 Lawyers, 120 Equity Partners, Chicago Allen Matkins Leck Gamble Mallory & Natsis 171 Lawyers, 88 Equity Partners, Los Angeles Haynes and Boone 524 Lawyers, 131 Equity Partners, Dallas Jackson Walker 337 Lawyers, 93 Equity Partners, Dallas Nixon Peabody 634 Lawyers, 150 Equity Partners, National Brownstein Hyatt Farber Schreck 218 Lawyers, 65 Equity Partners, Denver Duane Morris 626 Lawyers, 119 Equity Partners, National Herrick, Feinstein 132 Lawyers, 35 Equity Partners, New York Blank Rome 477 Lawyers, 118 Equity Partners, Philadelphia Locke Lord 847 Lawyers, 177 Equity Partners, Dallas Barnes & Thornburg 521 Lawyers, 219 Equity Partners, Indianapolis K&L Gates 1,852 Lawyers, 210 Equity Partners, National Kelley Drye & Warren 281 Lawyers, 82 Equity Partners, National Sills Cummis & Gross 130 Lawyers, 27 Equity Partners, Newark 14 ZGuide

21 2 Fiscal year ends on March 31. Results were projected in order to meet The Am Law 100 s publication deadline. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $950,000 $528,000, $760, $700,000 $950,000 $207,500, $760, $740,000 $940,000 $357,500, $955, $940,000 $935,000 $282,500, $810, $720,000 $930,000 $633,500, $700, $665,000 $930,000 $411,500, $715, $645,000 $930,000 $240,000, $795, $770,000 $910,000 $151,500, $885, $830,000 $905,000 $362,000, $690, $720,000 $905,000 $221,500, $660, $570,000 $905,000 $461,000, $725, $580,000 $900,000 $172,000, $790, $650,000 $900,000 $434,500, $695, $565,000 $900,000 $115,500, $875, $635,000 $890,000 $345,000, $725, $625,000 $890,000 $597,000, $705, $605,000 $880,000 $361,000, $695, $680,000 $870,000 $1,065,000, $575, $605,000 $865,000 $226,000, $805, $705,000 $865,000 $85,000, $655, $575,000 ZGuide 15

22 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Lewis Brisbois Bisgaard & Smith 1,015 Lawyers, 102 Equity Partners, Los Angeles Gardere Wynne Sewell 215 Lawyers, 63 Equity Partners, Dallas Arnall Golden Gregory 144 Lawyers, 42 Equity Partners, Atlanta Squire Patton Boggs 1 1,426 Lawyers, 146 Equity Partners, Verein Honigman Miller Schwartz and Cohn 257 Lawyers, 139 Equity Partners, Detroit Carlton Fields Jorden Burt 353 Lawyers, 78 Equity Partners, Miami Snell & Wilmer 418 Lawyers, 84 Equity Partners, Phoenix Fox Rothschild Lawyers, 175 Equity Partners, Philadelphia Bryan Cave 910 Lawyers, 203 Equity Partners, National Drinker Biddle & Reath 544 Lawyers, 176 Equity Partners, Philadelphia Faegre Baker Daniels 670 Lawyers, 227 Equity Partners, Minneapolis Gibbons 176 Lawyers, 37 Equity Partners, Newark Goulston & Storrs 176 Lawyers, 104 Equity Partners, Boston Nelson Mullins Riley & Scarborough 502 Lawyers, 150 Equity Partners, Columbia, SC Gordon Rees Scully Mansukhani 564 Lawyers, 42 Equity Partners, San Diego Shook, Hardy & Bacon 483 Lawyers, 134 Equity Partners, Kansas City, MO Sullivan & Worcester 144 Lawyers, 38 Equity Partners, Boston Cozen O'Connor 533 Lawyers, 156 Equity Partners, National Shutts & Bowen 249 Lawyers, 84 Equity Partners, Miami Polsinelli 720 Lawyers, 118 Equity Partners, Kansas City, MO 16 ZGuide

23 1 Vereins differ structurally from other Am Law 100 firms, especially in regard to profit sharing. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $860,000 $406,000, $400, $385,000 $850,000 $149,000, $695, $595,000 $845,000 $88,000, $610, $590,000 $845,000 $929,000, $650, $505,000 $840,000 $201,000, $780, $705,000 $835,000 $223,000, $630, $515,000 $820,000 $261,000, $625, $600,000 $815,000 $364,500, $595, $665,000 $805,000 $617,000, $680, $605,000 $800,000 $409,500, $755, $670,000 $800,000 $466,000, $695, $655,000 $775,000 $108,000, $615, $485,000 $775,000 $148,500, $845, $775,000 $770,000 $321,500, $640, $520,000 $755,000 $277,500, $490, $315,000 $750,000 $322,500, $670, $590,000 $750,000 $101,500, $705, $550,000 $745,000 $341,500, $640, $545,000 $740,000 $147,000, $590, $465,000 $725,000 $410,000, $570, $450,000 ZGuide 17

24 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Hinckley, Allen & Snyder 145 Lawyers, 45 Equity Partners, Boston Day Pitney 264 Lawyers, 91 Equity Partners, Hartford Bradley Arant Boult Cummings 458 Lawyers, 212 Equity Partners, Birmingham Fitzpatrick, Cella, Harper & Scinto 137 Lawyers, 51 Equity Partners, New York Sedgwick 273 Lawyers, 56 Equity Partners, San Francisco Akerman 562 Lawyers, 193 Equity Partners, Miami McCarter & English 374 Lawyers, 84 Equity Partners, Newark Buchanan Ingersoll & Rooney 454 Lawyers, 112 Equity Partners, Pittsburgh Ogletree, Deakins, Nash, Smoak & Stewart 721 Lawyers, 161 Equity Partners, National Sherman & Howard 184 Lawyers, 80 Equity Partners, Denver Davis Wright Tremaine 485 Lawyers, 182 Equity Partners, Seattle Thompson Hine 366 Lawyers, 100 Equity Partners, Cleveland Saul Ewing 251 Lawyers, 81 Equity Partners, Philadelphia Smith, Gambrell & Russell 191 Lawyers, 50 Equity Partners, Atlanta Husch Blackwell 485 Lawyers, 132 Equity Partners, St. Louis Ice Miller 279 Lawyers, 119 Equity Partners, Indianapolis Stinson Leonard Street 422 Lawyers, 156 Equity Partners, Minneapolis Ballard Spahr 507 Lawyers, 238 Equity Partners, Philadelphia Dorsey & Whitney 512 Lawyers, 182 Equity Partners, National Jackson Lewis 755 Lawyers, 236 Equity Partners, National 18 ZGuide

25 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $710,000 $99,000, $680, $500,000 $700,000 $161,000, $610, $570,000 $690,000 $274,000, $600, $600,000 $690,000 $98,000, $715, $690,000 $685,000 $183,000, $670, $515,000 $675,000 $337,000, $600, $540,000 $670,000 $233,000, $625, $450,000 $665,000 $290,500, $640, $495,000 $660,000 $399,000, $555, $445,000 $650,000 $99,000, $535, $535,000 $635,000 $318,500, $655, $550,000 $625,000 $207,500, $570, $480,000 $620,000 $155,000, $615, $495,000 $620,000 $93,000, $485, $390,000 $615,000 $284,000, $585, $435,000 $605,000 $158,500, $570, $500,000 $605,000 $256,000, $605, $440,000 $600,000 $337,500, $665, $600,000 $600,000 $336,500, $660, $515,000 $600,000 $407,000, $540, $450,000 ZGuide 19

26 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Norton Rose Fulbright 1 3,372 Lawyers, 912 Equity Partners, Verein Womble Carlyle Sandridge & Rice 491 Lawyers, 164 Equity Partners, Winston-Salem, NC Rutan & Tucker 151 Lawyers, 76 Equity Partners, Costa Mesa, CA Stoel Rives 349 Lawyers, 113 Equity Partners, Portland, OR Porter Wright Morris & Arthur 212 Lawyers, 74 Equity Partners, Columbus Lathrop & Gage 282 Lawyers, 71 Equity Partners, Kansas City, MO Williams Mullen 213 Lawyers, 75 Equity Partners, Richmond Armstrong Teasdale 225 Lawyers, 78 Equity Partners, St. Louis Greenspoon Marder 160 Lawyers, 72 Equity Partners, Fort Lauderdale Michael Best & Friedrich 196 Lawyers, 75 Equity Partners, Milwaukee Vorys, Sater, Seymour and Pease 362 Lawyers, 147 Equity Partners, Columbus Fisher & Phillips 290 Lawyers, 119 Equity Partners, National Hinshaw & Culbertson 497 Lawyers, 113 Equity Partners, Chicago 172 Nossaman 131 Lawyers, 58 Equity Partners, Los Angeles Thompson Coburn 352 Lawyers, 162 Equity Partners, St. Louis Knobbe, Martens, Olson & Bear 293 Lawyers, 152 Equity Partners, Irvine, CA Lewis Roca Rothgerber 223 Lawyers, 97 Equity Partners, Phoenix Dickinson Wright 370 Lawyers, 118 Equity Partners, Troy, MI Clark Hill 306 Lawyers, 81 Equity Partners, Detroit Quarles & Brady 434 Lawyers, 167 Equity Partners, Milwaukee 20 ZGuide

27 1 Vereins differ structurally from other Am Law 100 firms, especially in regard to profit sharing. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $600,000 $1,737,000, $515, $570,000 $600,000 $290,000, $590, $445,000 $585,000 $90,500, $600, $530,000 $585,000 $209,000, $600, $465,000 $580,000 $124,000, $585, $445,000 $550,000 $154,500, $550, $390,000 $550,000 $116,000, $545, $495,000 $540,000 $112,000, $500, $445,000 $540,000 $104,500, $655, $540,000 $530,000 $114,500, $585, $425,000 $530,000 $186,000, $515, $480,000 $525,000 $158,000, $545, $460,000 $525,000 $225,000, $455, $340,000 $525,000 $89,000, $680, $455,000 $525,000 $194,500, $550, $435,000 $520,000 $213,000, $725, $520,000 $520,000 $124,500, $555, $445,000 $515,000 $185,500, $500, $400,000 $510,000 $140,000, $455, $395,000 $510,000 $258,500, $595, $440,000 ZGuide 21

28 The Am Law 200 The Largest s in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2016 PPEP Rank 2015 Lawyers, Partners, Location Dykema Gossett 419 Lawyers, 107 Equity Partners, Chicago Robinson & Cole 198 Lawyers, 69 Equity Partners, Hartford Burr & Forman 270 Lawyers, 116 Equity Partners, Birmingham Frost Brown Todd 432 Lawyers, 160 Equity Partners, Cincinnati Shumaker, Loop & Kendrick 228 Lawyers, 117 Equity Partners, Toledo Baker, Donelson, Bearman, Caldwell & Berkowitz 652 Lawyers, 218 Equity Partners, Memphis Adams and Reese 270 Lawyers, 116 Equity Partners, New Orleans Miller, Canfield, Paddock and Stone 221 Lawyers, 74 Equity Partners, Detroit Holland & Hart 455 Lawyers, 218 Equity Partners, Denver GrayRobinson 286 Lawyers, 154 Equity Partners, Orlando Kutak Rock 475 Lawyers, 233 Equity Partners, National Phelps Dunbar 249 Lawyers, 108 Equity Partners, New Orleans Lane Powell 153 Lawyers, 61 Equity Partners, Seattle Dinsmore & Shohl 504 Lawyers, 160 Equity Partners, Cincinnati Littler Mendelson 974 Lawyers, 382 Equity Partners, National Wilson Elser Moskowitz Edelman & Dicker 779 Lawyers, 143 Equity Partners, National Archer & Greiner 178 Lawyers, 59 Equity Partners, Haddonfield, NJ Strasburger & Price 198 Lawyers, 70 Equity Partners, Dallas LeClairRyan 353 Lawyers, 155 Equity Partners, National Bond, Schoeneck & King 218 Lawyers, 106 Equity Partners, Syracuse 22 ZGuide

29 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $505,000 $225,000, $535, $395,000 $505,000 $109,000, $550, $460,000 $500,000 $135,000, $500, $425,000 $495,000 $211,500, $490, $375,000 $495,000 $118,500, $520, $420,000 $490,000 $332,500, $510, $430,000 $485,000 $146,000, $540, $410,000 $485,000 $112,000, $510, $385,000 $480,000 $249,500, $550, $470,000 $455,000 $148,500, $520, $415,000 $450,000 $217,500, $460, $400,000 $450,000 $112,000, $450, $450,000 $440,000 $96,000, $630, $385,000 $435,000 $219,500, $435, $345,000 $425,000 $506,500, $520, $390,000 $425,000 $309,000, $395, $285,000 $415,000 $87,000, $490, $315,000 $380,000 $93,500, $470, $315,000 $370,000 $163,000, $460, $295,000 $315,000 $92,000, $420, $310,000 ZGuide 23

30 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 1 Wachtell, Lipton, Rosen & Katz $2,125, Quinn Emanuel Urquhart & Sullivan $1,115, Irell & Manella $995, Kirkland & Ellis $905, Sullivan & Cromwell $820, Gibson, Dunn & Crutcher $800, Munger, Tolles & Olson $790, Choate Hall & Stewart $775, Skadden, Arps, Slate, Meagher & Flom $700, Cahill Gordon & Reindel $695, Latham & Watkins $685, Cravath, Swaine & Moore $680, Simpson Thacher & Bartlett $675, Boies, Schiller & Flexner $660, Milbank, Tweed, Hadley & McCloy $640, Paul Hastings $640, Willkie Farr & Gallagher $640, BuckleySandler $620, Jeffer Mangels Butler & Mitchell Paul, Weiss, Rifkind, Wharton & Garrison $615, $600, ZGuide

31 s noted with a star ( ) are on The American Lawyer's A-List. (See the methodology on pages 2 and 3.) Names of firms ranked 101 to 200 on The Am Law 200 are in bold. See headnotes on the chart ranking firms by Profits Per Equity Partner for information about changes in firms' status in 2015/ VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 20 Williams & Connolly $600, Fried, Frank, Harris, Shriver & Jacobson $580, King & Spalding $580, Proskauer Rose $580, Goodwin Procter $575, Debevoise & Plimpton $570, Davis Polk & Wardwell $565, Akin Gump Strauss Hauer & Feld $560, Schulte Roth & Zabel $560, Wilmer Cutler Pickering Hale and Dorr $560, Fish & Richardson $555, Dechert $545, Honigman Miller Schwartz and Cohn $545, Jenner & Block $545, Vinson & Elkins $545, Baker Botts $525, Cooley $525, Sidley Austin $525, Ropes & Gray $515, Allen Matkins Leck Gamble Mallory & Natsis $510, ZGuide 25

32 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 40 McDermott Will & Emery $510, Brown Rudnick $505, Hughes Hubbard & Reed $505, Kramer Levin Naftalis & Frankel $500, Weil, Gotshal & Manges $500, Wilson Sonsini Goodrich & Rosati $500, Fenwick & West $490, O'Melveny & Myers $490, Chapman and Cutler $485, Cleary Gottlieb Steen & Hamilton $485, Morgan, Lewis & Bockius $480, Winston & Strawn $475, Katten Muchin Rosenman $470, Sheppard, Mullin, Richter & Hampton $465, Alston & Bird $460, Goulston & Storrs $455, Morrison & Foerster $455, Patterson Belknap Webb & Tyler $450, Andrews Kurth $445, Barnes & Thornburg $445, ZGuide

33 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 61 Pillsbury Winthrop Shaw Pittman $440, Vedder Price $430, Arnold & Porter $425, Loeb & Loeb $425, Manatt, Phelps & Phillips $420, Schiff Hardin $420, Covington & Burling $415, Lowenstein Sandler $415, Stroock & Stroock & Lavan $415, Morris, Manning & Martin $410, Robins Kaplan $410, Finnegan, Henderson, Farabow, Garrett & Dunner $405, Greenberg Traurig $405, Orrick, Herrington & Sutcliffe $405, Thompson & Knight $395, Jackson Walker $390, Kaye Scholer $390, Kasowitz, Benson, Torres & Friedman Brownstein Hyatt Farber Schreck $380, $375, Moore & Van Allen $375, ZGuide 27

34 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 79 Shearman & Sterling $375, Holland & Knight $370, Venable $370, Arent Fox $365, Jones Day $365, Pepper Hamilton $365, Perkins Coie $365, Winstead $365, Gardere Wynne Sewell $360, Mayer Brown $360, Troutman Sanders $360, Bradley Arant Boult Cummings $355, Foley Hoag $350, Shutts & Bowen $350, White & Case $350, Carlton Fields Jorden Burt $345, Faegre Baker Daniels $345, Foley & Lardner $345, Bracewell & Giuliani $340, Sutherland Asbill & Brennan $340, ZGuide

35 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 101 Arnall Golden Gregory $335, Hinckley, Allen & Snyder $335, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo $335, Herrick, Feinstein $330, Cadwalader, Wickersham & Taft $325, Blank Rome $320, Hogan Lovells $320, Hunton & Williams $320, Nelson Mullins Riley & Scarborough $320, Rutan & Tucker $320, Sherman & Howard $320, Ice Miller $315, Steptoe & Johnson $315, Wiley Rein $315, Davis Wright Tremaine $310, Drinker Biddle & Reath $310, Nossaman $310, Reed Smith $310, Seyfarth Shaw $310, Shumaker, Loop & Kendrick $310, ZGuide 29

36 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 115 Snell & Wilmer $310, Sullivan & Worcester $310, Baker & Hostetler $305, Nixon Peabody $305, Thompson Coburn $305, Cozen O'Connor $300, Crowell & Moring $300, Duane Morris $300, Haynes and Boone $300, McGuireWoods $300, Gibbons $295, Kelley Drye & Warren $295, Stinson Leonard Street $295, Akerman $290, Womble Carlyle Sandridge & Rice $290, K&L Gates $285, Quarles & Brady $285, Ballard Spahr $280, Day Pitney $280, Stoel Rives $280, ZGuide

37 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 141 Fox Rothschild $275, Kilpatrick Townsend & Stockton $275, DLA Piper $270, Fragomen, Del Rey, Bernsen & Loewy $270, Knobbe, Martens, Olson & Bear $270, Locke Lord $270, Adams and Reese $265, Baker & McKenzie $265, GrayRobinson $265, Shook, Hardy & Bacon $265, Bryan Cave $260, Chadbourne & Parke $260, Dorsey & Whitney $260, Lewis Roca Rothgerber $260, Michael Best & Friedrich $260, Polsinelli $260, Saul Ewing $260, Sills Cummis & Gross $260, Armstrong Teasdale $255, Fisher & Phillips $255, ZGuide 31

38 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2016 VPL Rank 159 Fitzpatrick, Cella, Harper & Scinto VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million $255, Jackson Lewis $255, Kutak Rock $255, McCarter & English $255, Dickinson Wright $250, Frost Brown Todd $250, Husch Blackwell $250, Thompson Hine $250, Buchanan Ingersoll & Rooney $245, Burr & Forman $245, Greenspoon Marder $245, Lane Powell $245, Porter Wright Morris & Arthur $245, Holland & Hart $240, Smith, Gambrell & Russell $240, Vorys, Sater, Seymour and Pease Ogletree, Deakins, Nash, Smoak & Stewart $235, $230, Lewis Brisbois Bisgaard & Smith $225, Miller, Canfield, Paddock and Stone $225, Hinshaw & Culbertson $220, ZGuide

39 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 180 Robinson & Cole $220, Dykema Gossett $215, Lathrop & Gage $215, LeClairRyan $215, Baker, Donelson, Bearman, Caldwell & Berkowitz $210, Archer & Greiner $200, Clark Hill $200, McElroy, Deutsch, Mulvaney & Carpenter $200, Norton Rose Fulbright $200, Sedgwick $200, Dinsmore & Shohl $195, Phelps Dunbar $195, Strasburger & Price $195, Williams Mullen $195, Bond, Schoeneck & King $190, Littler Mendelson $190, Squire Patton Boggs $175, Gordon Rees Scully Mansukhani Curtis, Mallet-Prevost, Colt & Mosle Wilson Elser Moskowitz Edelman & Dicker $150, $115, $115, ZGuide 33

40 The Global 100 Methodology The Global 100 charts rank the world's largest law firms by profits per equity partner, revenue, head count, and the number of countries in which a firm has offices. The charts were produced by ALM Legal Intelligence with reporting by The American Lawyer and other ALM publications, and appeared in the October 2015 issue of The American Lawyer. Although foreign law firms differ in structure from U.S. law firms, steps were taken in the research process to level the playing field. Currency conversion rates (except vereins) are based on the annual average conversion rate of 2015 published by the U.S. Federal Reserve. A total of 123 firms were included on the global charts. Number of Lawyers This is based on the average number of full-time equivalent lawyers at the firm. A firm's ranking on the Global 100 By Lawyers list is included here. Many firms that were in the top 100 by PPEP were not large enough to make the top 100 based on number of lawyers. Location of s The country listed is the country where the firm had the highest percentage of lawyers. 34 ZGuide

41 Profits Per Equity Partner (PPEP) figures were rounded to the nearest $5,000 and were obtained from the same sources that provided the revenue figures. The PPEP rankings ranked the 100 firms (of the 123) with the highest PPEPs, but only 95 of those firms were among the Global 100 ranked by gross revenue. s that would have ranked 65, 90, 91, 98, and 99 on the PPEP chart were not among the Global 100 by Revenue, and so were not included in the PPEP rankings for the Global 100. Gross Revenue The firms ranking by Gross Revenue are the world s 100 highest-grossing law firms. Revenue figures are rounded to the nearest $500,000. Financial information for U.S. based law firms was obtained from The American Lawyer s Am Law 100 report. All other firms were surveyed directly. Number of Countries The ranking in the last column of the Global 100 chart is based on the number of countries in which a firm has offices. u ZGuide 35

42 The Global 100 The World s Largest s, Ranked By Profits Per Equity Partner 2015 Global 100 PPEP Rank Lawyers, Partners, Location Wachtell, Lipton, Rosen & Katz 267 Lawyers, 83 Equity Partners, U.S. Quinn Emanuel Urquhart & Sullivan 710 Lawyers, 147 Equity Partners, U.S. Paul, Weiss, Rifkind, Wharton & Garrison 943 Lawyers, 135 Equity Partners, U.S. Sullivan & Cromwell 805 Lawyers, 170 Equity Partners, U.S. Kirkland & Ellis 1,576 Lawyers, 337 Equity Partners, U.S. Simpson Thacher & Bartlett 929 Lawyers, 187 Equity Partners, U.S. Cravath, Swaine & Moore 442 Lawyers, 91 Equity Partners, U.S. Davis Polk & Wardwell 871 Lawyers, 153 Equity Partners, U.S. Cleary Gottlieb Steen & Hamilton 1,178 Lawyers, 185 Equity Partners, U.S. Gibson, Dunn & Crutcher 1,204 Lawyers, 292 Equity Partners, U.S. Slaughter and May 486 Lawyers, 110 Equity Partners, U.K. Skadden, Arps, Slate, Meagher & Flom 1,654 Lawyers, 383 Equity Partners, U.S. Latham & Watkins 2,100 Lawyers, 457 Equity Partners, U.S. Milbank, Tweed, Hadley & McCloy 614 Lawyers, 144 Equity Partners, U.S. Willkie Farr & Gallagher 554 Lawyers, 138 Equity Partners, U.S. Weil, Gotshal & Manges 1,072 Lawyers, 171 Equity Partners, U.S. Debevoise & Plimpton 615 Lawyers, 134 Equity Partners, U.S. Paul Hastings 873 Lawyers, 197 Equity Partners, U.S. King & Spalding 886 Lawyers, 170 Equity Partners, U.S. Dechert 877 Lawyers, 163 Equity Partners, U.S. 36 ZGuide

43 Profits Per Equity Partner Gross Revenue Global 100 Rank By Revenue Revenue Per Lawyer Global 100 Rank By Lawyers Global 100 Rank By Most Countries $5,500,000 $702,500, $2,630,000 $4,925,000 $1,103,500, $1,555, $3,845,000 $1,036,500, $1,100, $3,680,000 $1,276,000, $1,585, $3,510,000 $2,150,000,000 6 $1,365, $3,485,000 $1,245,500, $1,340, $3,365,000 $648,000, $1,465, $3,295,000 $1,072,000, $1,230, $3,230,000 $1,250,000, $1,060, $3,045,000 $1,466,000, $1,215, $2,915,000 $525,500, $1,080, $2,905,000 $2,315,000,000 4 $1,400, $2,900,000 $2,612,000,000 1 $1,245, $2,745,000 $761,000, $1,240, $2,560,000 $640,000, $1,155, $2,405,000 $1,151,000, $1,075, $2,380,000 $710,500, $1,155, $2,360,000 $1,000,500, $1,145, $2,355,000 $934,000, $1,055, $2,315,000 $839,500, $955, ZGuide 37

44 The Global 100 The World s Largest s, Ranked By Profits Per Equity Partner 2015 Global 100 PPEP Rank Lawyers, Partners, Location Schulte Roth & Zabel 351 Lawyers, 84 Equity Partners, U.S. Freshfields Bruckhaus Deringer 2,035 Lawyers, 419 Equity Partners, U.K. Linklaters 2,252 Lawyers, 419 Equity Partners, U.K. Cadwalader, Wickersham & Taft 452 Lawyers, 56 Equity Partners, U.S. Hughes Hubbard & Reed 332 Lawyers, 77 Equity Partners, U.S. Proskauer Rose 721 Lawyers, 172 Equity Partners, U.S. White & Case 1,878 Lawyers, 275 Equity Partners, U.S. Sidley Austin 1,761 Lawyers, 306 Equity Partners, U.S. Allen & Overy 2,172 Lawyers, 440 Equity Partners, U.K. Ropes & Gray 1,041 Lawyers, 268 Equity Partners, U.S. Vinson & Elkins 624 Lawyers, 144 Equity Partners, U.S. Wilson Sonsini Goodrich & Rosati 670 Lawyers, 125 Equity Partners, U.S. Shearman & Sterling 821 Lawyers, 157 Equity Partners, U.S. Akin Gump Strauss Hauer & Feld 822 Lawyers, 189 Equity Partners, U.S. Clifford Chance 2,495 Lawyers, 403 Equity Partners, U.K. Fragomen, Del Rey, Bernsen & Loewy 469 Lawyers, 62 Equity Partners, U.S. Fried, Frank, Harris, Shriver & Jacobson 414 Lawyers, 107 Equity Partners, U.S. Goodwin Procter 755 Lawyers, 189 Equity Partners, U.S. Cooley 755 Lawyers, 176 Equity Partners, U.S. Baker Botts 694 Lawyers, 176 Equity Partners, U.S. 38 ZGuide