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

Transcription

1 UIDE TO LEADING LAW FIRMS THE AM LAW 100/200 THE GLOBAL 100 THE A-LIST CORPORATE SCORECARD ZEUGHAUSER GROUP S 2010 POCKET GUIDE TO THE AMERICAN LAWYER RANKINGS

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3 The Zeughauser Group Dear Clients and Other Friends: We are pleased to provide you with the eighth edition of our ZGuide to Leading Law Firms, which includes the 2010 Am Law 200 and 2009 Global 100 rankings. In 2009 the economy hit bottom and began rebounding from the downturn that began in the second half of Although the year began with dire predictions for Big Law, for most firms it ended on an uptick, particularly on the corporate side. The uptick was not enough to offset pervasive declines in revenue, but cost-cutting enabled most firms to hold their own on profitability. Some pundits have declared that a re-set button was pushed in 2009, with firms rethinking their business models and making significant changes in their approach to management, marketing, and client service. While we agree that the rate of change in the industry accelerated, particularly with respect to associate compensation and competency models; openness to, and use of, alternative fee arrangements; and addressing under-productivity in the partner ranks, we continue to believe that the fundamentals on which the traditional law firm model are based including the promise of a rewarding career, with training and partnership for those lawyers who demonstrate the traits of ownership and find career satisfaction in helping ZGuide

4 clients achieve their goals will continue to fuel the most successful firms. We again were privileged in 2009 to work with many of the world s leading law firms on growth, marketing, and client-development strategies, and to enjoy the ongoing participation of over 50 of the Am Law 100 and 200 in our Chair and CMO Roundtables. We believe 2010 will be a year of opportunity and great success for firms that are cautious about growth and prudent with expenses. As always, we look forward to helping our clients tackle the challenges of attaining and maintaining market-leading positions. We wish our clients and other friends in the industry continued determination, clear vision, great success, and prosperity throughout 2010 and into Sincerely, Ron Beard Jerome L. Coben Mozhgan Mizban 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 April, May, June 2010 and October 2009 issues of The American Lawyer (The Am Law 100, The Am Law 200, Corporate Scorecard, The A-List, and The Global 100) and 2010 ALM Media Properties, LLC ZGuide

5 Table of Contents Methodology The Am Law 200, A-List...2 The Am Law 200 Ranked by Profits Per Equity Partner...4 The Am Law 200 Ranked by Value Per Lawyer...24 The 2010 Am Law 100 Gradual Recovery Signals Need for Continued Caution...34 Methodology The Global The Global 100 Ranked by Profits Per Equity Partner...42 Using a Coaching Program to Boost Business Development...52 Methodology The Corporate Scorecard...56 The Corporate Scorecard Mergers and Acquisitions...58 Private Equity...59 IPOs...60 Equities by U.S. Corporations...60 Investment-Grade Debt...61 High-Yield Debt...62 Asset-Backed Securities...63 Mortgage-Backed Securities...63 Municipal Bonds...64 Project Finance...65 REIT Equities...66 REIT Debt...67 Bankruptcies...67 Emergences...69 Law Firm Index...72 ZGuide 1

6 The Am Law 200 Methodology The Am Law 200 is reported by staff members at ALM s publications throughout the United States, including The American Lawyer, The Connecticut Law Tribune, Daily Business Review (Miami), Fulton County Daily Report (Atlanta), The Legal Intelligencer (Philadelphia), The National Law Journal/Legal Times, The New Jersey Law Journal, New York 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. In all cases, the revenue and profit figures listed are for the firm s most recently completed fiscal year. Most Am Law firms are on a calendar fiscal year. 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 basis. Retired partners and of counsel are not counted as partners, nor are payments made to them counted in net operating income. Lawyer numbers are for full-time equivalent lawyers for firms whose fiscal year ends after August 31, 2009, and are provided as of that date. If the firm s fiscal year ended between March 31 and August 31, 2009, the firm was asked for the head count at the end of the firm s fiscal year. This is intended to exclude first-year associates, who typically start in the fall but take several months to produce revenue. 2 ZGuide

7 Calculations Gross Revenue is rounded to the nearest $500,000. Profits Per Equity Partner, Revenue Per Lawyer, and Average Compensation for All Partners are rounded to the nearest $5,000. Revenue Per Lawyer (RPL) is calculated by dividing gross revenue by the number of lawyers. Profits Per Equity Partner (PPEP) is calculated by dividing net operating income by the number of Equity Partners. Compensation Average, All Partners is the net operating income plus compensation to Nonequity Partners, divided by the number of Equity and Nonequity Partners. Value Per Lawyer (VPL) is calculated by dividing the Compensation Average, All Partners by the total number of lawyers. That number is then divided by $10 million to determine how many lawyers it takes to generate that amount. Location of Firms Some firms are identified as international or national, rather than identifying them by city, according to the percentage of the firm s attorneys in various regions of the country and the percentage that work outside the United States. Those breakouts are obtained from the most recent National Law Journal NLJ 250 survey. If 40 percent or more of the firm s lawyers were located outside the United States, the firm is identified as international. If no more than 45 percent of the firm s attorneys were located in any one region of the country, the firm is identified as national. The A-List The A-List, comprised of just 20 firms, is determined by rankings in The Minority Law Journal s Diversity Scorecard, and in three surveys conducted by The American Lawyer (the Revenue per Lawyer; Pro Bono; and Midlevel Associate surveys). Rankings in each survey are converted into points, using an inversion calculation where a firm ranked Number One receives 200 points. 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, including the full methodology of how the A-List is calculated, is available on americanlawyer.com and in the July 2010 issue of The American Lawyer. ZGuide 3

8 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Wachtell, Lipton, Rosen & Katz 231 Lawyers, 86 Equity Partners, 0 Nonequity Partners, New York Quinn Emanuel Urquhart & Sullivan 398 Lawyers, 77 Equity Partners, 44 Nonequity Partners, Los Angeles Sullivan & Cromwell 700 Lawyers, 167 Equity Partners, 0 Nonequity Partners, New York Boies, Schiller & Flexner 240 Lawyers, 34 Equity Partners, 60 Nonequity Partners, National Cravath, Swaine & Moore 477 Lawyers, 92 Equity Partners, 0 Nonequity Partners, New York Paul, Weiss, Rifkind, Wharton & Garrison I 653 Lawyers, 116 Equity Partners, 0 Nonequity Partners, New York Cahill Gordon & Reindel 273 Lawyers, 59 Equity Partners, 12 Nonequity Partners, New York Kirkland & Ellis 1,411 Lawyers, 270 Equity Partners, 332 Nonequity Partners, National Irell & Manella 199 Lawyers, 65 Equity Partners, 0 Nonequity Partners, Los Angeles Simpson Thacher & Bartlett I 787 Lawyers, 177 Equity Partners, 0 Nonequity Partners, New York Cadwalader, Wickersham & Taft 457 Lawyers, 61 Equity Partners, 37 Nonequity Partners, New York Cleary Gottlieb Steen & Hamilton I 992 Lawyers, 192 Equity Partners, 0 Nonequity Partners, International Weil, Gotshal & Manges I 1,212 Lawyers, 184 Equity Partners, 131 Nonequity Partners, New York Milbank, Tweed, Hadley & McCloy I 534 Lawyers, 119 Equity Partners, 21 Nonequity Partners, New York Skadden, Arps, Slate, Meagher & Flom I 1,860 Lawyers, 435 Equity Partners, 0 Nonequity Partners, National Schulte Roth & Zabel 398 Lawyers, 85 Equity Partners, 0 Nonequity Partners, New York Davis Polk & Wardwell I 684 Lawyers, 169 Equity Partners, 0 Nonequity Partners, New York Kasowitz, Benson, Torres & Friedman 300 Lawyers, 45 Equity Partners, 35 Nonequity Partners, New York Willkie Farr & Gallagher 591 Lawyers, 134 Equity Partners, 0 Nonequity Partners, New York Dechert 786 Lawyers, 149 Equity Partners, 104 Nonequity Partners, National 4 ZGuide

9 Firms noted with a star (I) are on The American Lawyer s A-List. (See the methodology on pages 2 and 3.) Firms ranked in The Am Law 200 are in bold. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $4,300,000 $585,000, $2,530,000 1 $4,300,000 $3,130,000 $419,000, $1,055, $2,325,000 $2,965,000 $995,000, $1,420,000 2 $2,965,000 $2,880,000 $296,000, $1,235,000 4 $1,470,000 $2,715,000 $568,500, $1,190,000 7 $2,715,000 $2,690,000 $665,500, $1,020, $2,690,000 $2,535,000 $269,500, $985, $2,230,000 $2,495,000 $1,428,000,000 5 $1,010, $1,360,000 $2,490,000 $253,000, $1,275,000 3 $2,490,000 $2,415,000 $870,500, $1,105, $2,415,000 $2,410,000 $456,500, $1,000, $1,760,000 $2,385,000 $965,000, $975, $2,385,000 $2,315,000 $1,233,000,000 8 $1,015, $1,765,000 $2,230,000 $601,500, $1,125,000 9 $2,120,000 $2,160,000 $2,100,000,000 2 $1,130,000 8 $2,160,000 $2,130,000 $397,000, $995, $2,130,000 $2,090,000 $846,000, $1,235,000 4 $2,090,000 $2,080,000 $226,000, $755, $1,400,000 $2,005,000 $549,500, $930, $2,005,000 $1,960,000 $713,000, $910, $1,370,000 ZGuide 5

10 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Gibson, Dunn & Crutcher I 983 Lawyers, 284 Equity Partners, 28 Nonequity Partners, National Latham & Watkins I 1,880 Lawyers, 444 Equity Partners, 131 Nonequity Partners, National Paul, Hastings, Janofsky & Walker I 917 Lawyers, 193 Equity Partners, 68 Nonequity Partners, National Debevoise & Plimpton I 686 Lawyers, 144 Equity Partners, 0 Nonequity Partners, New York Shearman & Sterling 815 Lawyers, 185 Equity Partners, 18 Nonequity Partners, International Dewey & LeBoeuf 1,054 Lawyers, 180 Equity Partners, 159 Nonequity Partners, New York Kramer Levin Naftalis & Frankel 322 Lawyers, 65 Equity Partners, 30 Nonequity Partners, New York White & Case 1,890 Lawyers, 278 Equity Partners, 110 Nonequity Partners, International Loeb & Loeb 287 Lawyers, 51 Equity Partners, 103 Nonequity Partners, New York Hughes Hubbard & Reed I 280 Lawyers, 67 Equity Partners, 16 Nonequity Partners, New York O Melveny & Myers I 861 Lawyers, 218 Equity Partners, 28 Nonequity Partners, Los Angeles Sidley Austin 1,588 Lawyers, 304 Equity Partners, 327 Nonequity Partners, National Akin Gump Strauss Hauer & Feld 725 Lawyers, 170 Equity Partners, 111 Nonequity Partners, National Jeffer Mangels Butler & Marmaro 142 Lawyers, 44 Equity Partners, 0 Nonequity Partners, Los Angeles Proskauer Rose 650 Lawyers, 164 Equity Partners, 41 Nonequity Partners, New York Bingham McCutchen Lawyers, 161 Equity Partners, 177 Nonequity Partners, National King & Spalding 796 Lawyers, 151 Equity Partners, 145 Nonequity Partners, Atlanta Wilson Sonsini Goodrich & Rosati 600 Lawyers, 124 Equity Partners, 49 Nonequity Partners, Palo Alto Kaye Scholer 446 Lawyers, 130 Equity Partners, 16 Nonequity Partners, New York Ropes & Gray 904 Lawyers, 252 Equity Partners, 0 Nonequity Partners, Boston 6 ZGuide

11 1 Bingham McCutchen and McKee Nelson merged in August Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,910,000 $995,000, $1,010, $1,775,000 $1,900,000 $1,821,000,000 3 $970, $1,605,000 $1,875,000 $889,000, $970, $1,585,000 $1,870,000 $668,000, $975, $1,870,000 $1,735,000 $801,000, $985, $1,630,000 $1,605,000 $914,000, $865, $1,110,000 $1,600,000 $293,000, $910, $1,370,000 $1,595,000 $1,307,000,000 7 $690, $1,325,000 $1,485,000 $240,000, $835, $800,000 $1,470,000 $277,000, $990, $1,280,000 $1,470,000 $826,500, $960, $1,370,000 $1,460,000 $1,357,000,000 6 $855, $1,000,000 $1,455,000 $719,000, $990, $1,125,000 $1,455,000 $113,000, $795, $1,455,000 $1,455,000 $643,000, $990, $1,285,000 $1,445,000 $860,000, $930, $980,000 $1,445,000 $677,500, $850, $940,000 $1,445,000 $501,000, $835, $1,220,000 $1,420,000 $432,000, $970, $1,355,000 $1,405,000 $789,500, $875, $1,405,000 ZGuide 7

12 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Baker Botts 722 Lawyers, 186 Equity Partners, 86 Nonequity Partners, Houston Orrick, Herrington & Sutcliffe I 1,018 Lawyers, 187 Equity Partners, 187 Nonequity Partners, National Fish & Richardson 422 Lawyers, 110 Equity Partners, 73 Nonequity Partners, National Greenberg Traurig 1,707 Lawyers, 292 Equity Partners, 585 Nonequity Partners, National Fried, Frank, Harris, Shriver & Jacobson 469 Lawyers, 133 Equity Partners, 4 Nonequity Partners, New York McDermott Will & Emery 968 Lawyers, 255 Equity Partners, 308 Nonequity Partners, National Winston & Strawn 843 Lawyers, 184 Equity Partners, 197 Nonequity Partners, National Goodwin Procter 835 Lawyers, 207 Equity Partners, 117 Nonequity Partners, Boston Vinson & Elkins 693 Lawyers, 206 Equity Partners, 63 Nonequity Partners, Houston Munger, Tolles & Olson I 180 Lawyers, 90 Equity Partners, 0 Nonequity Partners, Los Angeles Sheppard Mullin Richter & Hampton 479 Lawyers, 77 Equity Partners, 131 Nonequity Partners, Los Angeles Morgan, Lewis & Bockius 1,315 Lawyers, 263 Equity Partners, 224 Nonequity Partners, National DLA Piper US 2 1,251 Lawyers, 213 Equity Partners, 358 Nonequity Partners, National Patterson Belknap Webb & Tyler 164 Lawyers, 53 Equity Partners, 0 Nonequity Partners, New York Covington & Burling I 653 Lawyers, 209 Equity Partners, 0 Nonequity Partners, Washington, DC Chadbourne & Parke 366 Lawyers, 80 Equity Partners, 35 Nonequity Partners, New York Gardere Wynne Sewell 245 Lawyers, 76 Equity Partners, 66 Nonequity Partners, Dallas Williams & Connolly 236 Lawyers, 105 Equity Partners, 0 Nonequity Partners, Washington, DC Cooley Godward Kronish 628 Lawyers, 152 Equity Partners, 84 Nonequity Partners, Palo Alto Finnegan, Henderson, Farabow, Garrett & Dunner I 358 Lawyers, 102 Equity Partners, 43 Nonequity Partners, Washington, DC 8 ZGuide

13 2 DLA Piper is structured as a set of alliances, so the results are for the U.S. operation only. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,365,000 $575,000, $795, $1,095,000 $1,360,000 $847,500, $830, $955,000 $1,340,000 $417,000, $990, $970,000 $1,310,000 $1,173,000,000 9 $685, $690,000 $1,300,000 $424,500, $905, $1,270,000 $1,300,000 $829,000, $855, $825,000 $1,285,000 $705,000, $835, $870,000 $1,275,000 $658,000, $790, $980,000 $1,270,000 $562,000, $810, $1,105,000 $1,265,000 $198,000, $1,100, $1,265,000 $1,245,000 $361,000, $755, $805,000 $1,235,000 $1,068,500, $810, $920,000 $1,230,000 $1,014,500, $810, $735,000 $1,215,000 $148,000, $905, $1,215,000 $1,200,000 $583,000, $895, $1,200,000 $1,195,000 $281,500, $770, $955,000 $1,180,000 $187,000, $765, $810,000 $1,175,000 $287,000, $1,215,000 6 $1,175,000 $1,170,000 $507,000, $805, $945,000 $1,170,000 $349,000, $975, $965,000 ZGuide 9

14 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Wilmer Cutler Pickering Hale and Dorr I 933 Lawyers, 309 Equity Partners, 0 Nonequity Partners, Washington, DC Choate Hall & Stewart 147 Lawyers, 43 Equity Partners, 39 Nonequity Partners, Boston Curtis, Mallet-Prevost, Colt & Mosle 232 Lawyers, 28 Equity Partners, 35 Nonequity Partners, New York Morrison & Foerster I 1,005 Lawyers, 256 Equity Partners, 90 Nonequity Partners, San Francisco Jenner & Block 430 Lawyers, 128 Equity Partners, 67 Nonequity Partners, Chicago Hogan & Hartson 3 1,121 Lawyers, 287 Equity Partners, 210 Nonequity Partners, National Crowell & Moring 419 Lawyers, 94 Equity Partners, 84 Nonequity Partners, Washington, DC Katten Muchin Rosenman 604 Lawyers, 140 Equity Partners, 172 Nonequity Partners, Chicago Manatt, Phelps & Phillips 327 Lawyers, 58 Equity Partners, 126 Nonequity Partners, Los Angeles Stroock & Stroock & Lavan 309 Lawyers, 112 Equity Partners, 0 Nonequity Partners, New York Mayer Brown 1,657 Lawyers, 274 Equity Partners, 355 Nonequity Partners, International Dickstein Shapiro 360 Lawyers, 73 Equity Partners, 78 Nonequity Partners, Washington, DC Fragomen Del Rey Bernsen and Loewy 250 Lawyers, 51 Equity Partners, 0 Nonequity Partners, National Lowenstein Sandler 236 Lawyers, 65 Equity Partners, 25 Nonequity Partners, Roseland, NJ Shook, Hardy & Bacon 486 Lawyers, 107 Equity Partners, 85 Nonequity Partners, Kansas City, MO Arnold & Porter I 613 Lawyers, 209 Equity Partners, 0 Nonequity Partners, Washington, DC Reed Smith 1,427 Lawyers, 315 Equity Partners, 362 Nonequity Partners, National Fenwick & West 226 Lawyers, 72 Equity Partners, 12 Nonequity Partners, Mountain View, CA Baker & McKenzie 3,949 Lawyers, 720 Equity Partners, 0 Nonequity Partners, International Locke Lord Bissell & Liddell 532 Lawyers, 131 Equity Partners, 169 Nonequity Partners, Dallas 10 ZGuide

15 3 Hogan & Hartson merged with Lovells in May 2010 and is now Hogan Lovells. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,155,000 $941,000, $1,010, $1,155,000 $1,150,000 $133,500, $905, $815,000 $1,145,000 $135,000, $580, $685,000 $1,140,000 $884,000, $880, $980,000 $1,115,000 $367,500, $855, $895,000 $1,110,000 $864,500, $770, $820,000 $1,100,000 $339,000, $810, $755,000 $1,100,000 $420,500, $695, $680,000 $1,100,000 $261,500, $800, $595,000 $1,065,000 $263,000, $850, $1,065,000 $1,060,000 $1,118,000, $675, $695,000 $1,050,000 $297,000, $825, $780,000 $1,025,000 $216,500, $865, $1,025,000 $1,015,000 $183,000, $775, $840,000 $1,015,000 $336,500, $695, $720,000 $1,010,000 $524,000, $855, $1,010,000 $1,005,000 $942,000, $660, $650,000 $995,000 $192,000, $850, $910,000 $990,000 $2,112,000,000 1 $535, $990,000 $980,000 $399,000, $750, $645,000 ZGuide 11

16 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Brown Rudnick 180 Lawyers, 50 Equity Partners, 38 Nonequity Partners, Boston Wiley Rein 279 Lawyers, 62 Equity Partners, 64 Nonequity Partners, Washington, DC Andrews Kurth 347 Lawyers, 84 Equity Partners, 95 Nonequity Partners, Houston Bracewell & Giuliani 409 Lawyers, 98 Equity Partners, 83 Nonequity Partners, Houston Pillsbury Winthrop Shaw Pittman 663 Lawyers, 173 Equity Partners, 145 Nonequity Partners, National Kelley Drye & Warren 301 Lawyers, 62 Equity Partners, 61 Nonequity Partners, New York Herrick, Feinstein 163 Lawyers, 39 Equity Partners, 28 Nonequity Partners, New York Alston & Bird 820 Lawyers, 152 Equity Partners, 205 Nonequity Partners, Atlanta Sutherland Asbill & Brennan 373 Lawyers, 103 Equity Partners, 64 Nonequity Partners, Atlanta Stevens & Lee 171 Lawyers, 62 Equity Partners, 51 Nonequity Partners, Reading, PA Kenyon & Kenyon 169 Lawyers, 46 Equity Partners, 14 Nonequity Partners, New York Steptoe & Johnson 419 Lawyers, 148 Equity Partners, 0 Nonequity Partners, Washington, DC K&L Gates 4 1,705 Lawyers, 295 Equity Partners, 605 Nonequity Partners, National Mintz, Levin, Cohn, Ferris, Glovsky and Popeo 398 Lawyers, 75 Equity Partners, 127 Nonequity Partners, Boston Thompson & Knight 419 Lawyers, 93 Equity Partners, 71 Nonequity Partners, Dallas Robins, Kaplan, Miller & Ciresi 234 Lawyers, 88 Equity Partners, 6 Nonequity Partners, Minneapolis Howrey 683 Lawyers, 152 Equity Partners, 149 Nonequity Partners, National Foley & Lardner 937 Lawyers, 178 Equity Partners, 288 Nonequity Partners, Milwaukee Hunton & Williams 863 Lawyers, 245 Equity Partners, 128 Nonequity Partners, Richmond Patton Boggs 532 Lawyers, 116 Equity Partners, 115 Nonequity Partners, Washington, DC 12 ZGuide

17 4 K&L Gates and Bell, Boyd & Lloyd merged in March Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $975,000 $146,000, $815, $745,000 $965,000 $200,000, $715, $920,000 $955,000 $243,000, $700, $680,000 $950,000 $277,000, $680, $730,000 $950,000 $533,500, $805, $740,000 $945,000 $211,500, $700, $625,000 $930,000 $127,000, $780, $765,000 $910,000 $551,000, $670, $625,000 $910,000 $269,500, $725, $720,000 $905,000 $108,500, $635, $660,000 $880,000 $131,500, $780, $750,000 $875,000 $338,500, $810, $875,000 $860,000 $1,034,500, $605, $535,000 $860,000 $277,500, $695, $575,000 $855,000 $224,000, $535, $650,000 $850,000 $170,000, $725, $830,000 $845,000 $480,000, $705, $600,000 $840,000 $667,000, $710, $585,000 $840,000 $615,000, $715, $705,000 $840,000 $332,000, $625, $640,000 ZGuide 13

18 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Fitzpatrick, Cella, Harper & Scinto 152 Lawyers, 55 Equity Partners, 0 Nonequity Partners, New York McKenna Long & Aldridge 442 Lawyers, 88 Equity Partners, 108 Nonequity Partners, National Sills Cummis & Gross 150 Lawyers, 38 Equity Partners, 24 Nonequity Partners, Newark Fulbright & Jaworski 905 Lawyers, 332 Equity Partners, 30 Nonequity Partners, Houston Moore & Van Allen 285 Lawyers, 83 Equity Partners, 67 Nonequity Partners, Charlotte McElroy, Deutsch, Mulvaney & Carpenter 212 Lawyers, 29 Equity Partners, 55 Nonequity Partners, Morristown, NJ Townsend and Townsend and Crew 184 Lawyers, 60 Equity Partners, 26 Nonequity Partners, San Francisco Arent Fox 315 Lawyers, 98 Equity Partners, 62 Nonequity Partners, Washington, DC Foley Hoag 208 Lawyers, 54 Equity Partners, 40 Nonequity Partners, Boston Haynes and Boone 481 Lawyers, 135 Equity Partners, 81 Nonequity Partners, Dallas McGuireWoods 856 Lawyers, 176 Equity Partners, 250 Nonequity Partners, Richmond Perkins Coie 670 Lawyers, 137 Equity Partners, 187 Nonequity Partners, Seattle Squire, Sanders & Dempsey 838 Lawyers, 151 Equity Partners, 147 Nonequity Partners, National Venable 518 Lawyers, 158 Equity Partners, 109 Nonequity Partners, National Wilson Elser Moskowitz Edelman & Dicker 754 Lawyers, 138 Equity Partners, 163 Nonequity Partners, National Sonnenschein Nath & Rosenthal 655 Lawyers, 136 Equity Partners, 179 Nonequity Partners, National Jones Day 2,469 Lawyers, 797 Equity Partners, 0 Nonequity Partners, National Morris, Manning & Martin 137 Lawyers, 41 Equity Partners, 29 Nonequity Partners, Atlanta Duane Morris 613 Lawyers, 130 Equity Partners, 221 Nonequity Partners, National Schiff Hardin 320 Lawyers, 103 Equity Partners, 83 Nonequity Partners, Chicago 14 ZGuide

19 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $830,000 $122,500, $805, $830,000 $830,000 $270,000, $610, $555,000 $830,000 $100,000, $670, $680,000 $815,000 $642,500, $710, $795,000 $815,000 $161,000, $565, $570,000 $810,000 $85,500, $405, $440,000 $810,000 $161,000, $875, $665,000 $800,000 $216,500, $685, $615,000 $800,000 $143,500, $690, $615,000 $800,000 $306,500, $635, $665,000 $800,000 $509,000, $595, $525,000 $800,000 $433,000, $645, $560,000 $795,000 $545,000, $650, $615,000 $785,000 $349,500, $675, $590,000 $785,000 $270,000, $360, $520,000 $780,000 $472,500, $720, $560,000 $765,000 $1,520,000,000 4 $615, $765,000 $760,000 $83,000, $605, $620,000 $755,000 $387,500, $635, $510,000 $750,000 $224,500, $700, $580,000 ZGuide 15

20 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Carlton Fields 271 Lawyers, 58 Equity Partners, 101 Nonequity Partners, Tampa Chapman and Cutler 208 Lawyers, 81 Equity Partners, 26 Nonequity Partners, Chicago Dow Lohnes 150 Lawyers, 43 Equity Partners, 16 Nonequity Partners, Washington, DC Gordon & Rees 326 Lawyers, 26 Equity Partners, 125 Nonequity Partners, San Francisco Vedder Price 242 Lawyers, 116 Equity Partners, 29 Nonequity Partners, Chicago Brownstein Hyatt Farber Schreck 213 Lawyers, 70 Equity Partners, 50 Nonequity Partners, Denver Snell & Wilmer 411 Lawyers, 76 Equity Partners, 120 Nonequity Partners, Phoenix Gibbons 202 Lawyers, 39 Equity Partners, 64 Nonequity Partners, Newark Sullivan & Worcester 156 Lawyers, 40 Equity Partners, 42 Nonequity Partners, Boston Pepper Hamilton 484 Lawyers, 143 Equity Partners, 72 Nonequity Partners, Philadelphia Holland & Knight 934 Lawyers, 191 Equity Partners, 352 Nonequity Partners, National Winstead 251 Lawyers, 101 Equity Partners, 46 Nonequity Partners, Dallas Seyfarth Shaw 723 Lawyers, 220 Equity Partners, 147 Nonequity Partners, National Sedgwick, Detert, Moran & Arnold 360 Lawyers, 59 Equity Partners, 65 Nonequity Partners, San Francisco Troutman Sanders 650 Lawyers, 180 Equity Partners, 133 Nonequity Partners, Atlanta Blank Rome 490 Lawyers, 156 Equity Partners, 109 Nonequity Partners, Philadelphia Jackson Walker 315 Lawyers, 95 Equity Partners, 106 Nonequity Partners, Dallas Nixon Peabody 717 Lawyers, 214 Equity Partners, 155 Nonequity Partners, National Cozen O Connor 505 Lawyers, 145 Equity Partners, 121 Nonequity Partners, Philadelphia Barnes & Thornburg 436 Lawyers, 192 Equity Partners, 84 Nonequity Partners, Indianapolis 16 ZGuide

21 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $745,000 $154,000, $565, $480,000 $745,000 $130,500, $625, $640,000 $745,000 $98,000, $655, $660,000 $740,000 $155,000, $475, $320,000 $740,000 $170,500, $705, $645,000 $735,000 $131,000, $615, $555,000 $730,000 $241,000, $585, $615,000 $720,000 $111,000, $550, $450,000 $720,000 $97,500, $625, $525,000 $715,000 $333,000, $690, $590,000 $695,000 $545,500, $585, $460,000 $695,000 $140,500, $560, $545,000 $690,000 $453,500, $625, $530,000 $675,000 $195,000, $540, $480,000 $670,000 $376,500, $580, $480,000 $665,000 $322,000, $655, $525,000 $655,000 $173,500, $550, $460,000 $655,000 $465,000, $650, $525,000 $650,000 $290,500, $575, $475,000 $640,000 $241,500, $555, $525,000 ZGuide 17

22 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Edwards Angell Palmer & Dodge 530 Lawyers, 77 Equity Partners, 137 Nonequity Partners, Boston Honigman Miller Schwartz and Cohn 215 Lawyers, 122 Equity Partners, 43 Nonequity Partners, Detroit Bryan Cave Lawyers, 202 Equity Partners, 187 Nonequity Partners, St. Louis Dorsey & Whitney 596 Lawyers, 191 Equity Partners, 75 Nonequity Partners, Minneapolis Kilpatrick Stockton 416 Lawyers, 117 Equity Partners, 97 Nonequity Partners, Atlanta Drinker Biddle & Reath 621 Lawyers, 193 Equity Partners, 72 Nonequity Partners, Philadelphia Baker and Hostetler 582 Lawyers, 143 Equity Partners, 177 Nonequity Partners, National Day Pitney 362 Lawyers, 130 Equity Partners, 34 Nonequity Partners, Hartford Allen Matkins Leck Gamble Mallory & Natsis 215 Lawyers, 119 Equity Partners, 8 Nonequity Partners, Los Angeles Buchanan Ingersoll & Rooney 445 Lawyers, 101 Equity Partners, 95 Nonequity Partners, Pittsburgh McCarter & English 368 Lawyers, 95 Equity Partners, 96 Nonequity Partners, Newark Epstein Becker & Green 313 Lawyers, 69 Equity Partners, 79 Nonequity Partners, National Womble Carlyle Sandridge & Rice 497 Lawyers, 149 Equity Partners, 126 Nonequity Partners, Winston-Salem Husch Blackwell Sanders 565 Lawyers, 170 Equity Partners, 180 Nonequity Partners, Kansas City, MO Fox Rothschild 423 Lawyers, 122 Equity Partners, 68 Nonequity Partners, Philadelphia Hinshaw & Culbertson 449 Lawyers, 95 Equity Partners, 194 Nonequity Partners, Chicago Jackson Lewis 538 Lawyers, 176 Equity Partners, 93 Nonequity Partners, National Knobbe Martens Olson & Bear 227 Lawyers, 105 Equity Partners, 7 Nonequity Partners, Irvine, CA Goulston & Storrs 173 Lawyers, 87 Equity Partners, 0 Nonequity Partners, Boston Buchalter Nemer 159 Lawyers, 81 Equity Partners, 0 Nonequity Partners, Los Angeles 18 ZGuide

23 5 Bryan Cave and Powell Goldstein merged in January Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $640,000 $285,500, $540, $415,000 $630,000 $149,000, $695, $525,000 $625,000 $555,000, $555, $495,000 $615,000 $342,000, $575, $535,000 $615,000 $245,500, $590, $490,000 $605,000 $373,500, $600, $540,000 $600,000 $330,000, $565, $460,000 $600,000 $206,500, $570, $550,000 $590,000 $148,000, $690, $585,000 $590,000 $265,000, $595, $435,000 $590,000 $203,000, $550, $335,000 $585,000 $175,500, $560, $425,000 $575,000 $266,000, $535, $450,000 $565,000 $289,000, $510, $395,000 $550,000 $217,000, $515, $460,000 $545,000 $190,500, $425, $320,000 $535,000 $256,500, $475, $435,000 $535,000 $160,000, $705, $520,000 $530,000 $116,000, $670, $530,000 $525,000 $103,000, $645, $525,000 ZGuide 19

24 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Ice Miller 234 Lawyers, 108 Equity Partners, 10 Nonequity Partners, Indianapolis Lewis Brisbois Bisgaard & Smith 711 Lawyers, 75 Equity Partners, 303 Nonequity Partners, Los Angeles Davis Wright Tremaine 489 Lawyers, 213 Equity Partners, 80 Nonequity Partners, Seattle Luce, Forward, Hamilton & Scripps 161 Lawyers, 61 Equity Partners, 31 Nonequity Partners, San Diego Baker & Daniels 283 Lawyers, 100 Equity Partners, 49 Nonequity Partners, Indianapolis Dykema Gossett 351 Lawyers, 99 Equity Partners, 116 Nonequity Partners, Chicago Faegre & Benson 482 Lawyers, 235 Equity Partners, 0 Nonequity Partners, Minneapolis Michael Best & Friedrich 202 Lawyers, 83 Equity Partners, 54 Nonequity Partners, Milwaukee Polsinelli Shughart Lawyers, 71 Equity Partners, 142 Nonequity Partners, Kansas City, MO Stinson Morrison Hecker 292 Lawyers, 119 Equity Partners, 62 Nonequity Partners, Kansas City, MO Williams Mullen 281 Lawyers, 88 Equity Partners, 22 Nonequity Partners, Richmond Armstrong Teasdale 217 Lawyers, 87 Equity Partners, 33 Nonequity Partners, St. Louis Nelson Mullins Riley & Scarborough 397 Lawyers, 144 Equity Partners, 86 Nonequity Partners, Columbia, SC Stoel Rives 368 Lawyers, 141 Equity Partners, 74 Nonequity Partners, Portland, OR Thompson Hine 372 Lawyers, 116 Equity Partners, 75 Nonequity Partners, Cleveland Fisher & Phillips 210 Lawyers, 84 Equity Partners, 34 Nonequity Partners, Atlanta Porter Wright Morris & Arthur 245 Lawyers, 93 Equity Partners, 50 Nonequity Partners, Columbus Bradley Arant Boult Cummings Lawyers, 187 Equity Partners, 55 Nonequity Partners, Birmingham Thompson Coburn 323 Lawyers, 136 Equity Partners, 47 Nonequity Partners, St. Louis Dickinson Wright 225 Lawyers, 93 Equity Partners, 52 Nonequity Partners, Detroit 20 ZGuide

25 6 Polsinelli Shalton Flanigan Suelthaus merged with Shughart Thomson & Kilroy in February 2009 to form Polsinelli Shughart. 7 Bradley Arant Rose & White merged with Boult, Cummings, Conners & Berry in January 2009 to form Bradley Arant Boult Cummings. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $525,000 $121,500, $520, $500,000 $525,000 $250,000, $350, $305,000 $510,000 $276,500, $565, $460,000 $510,000 $98,000, $610, $425,000 $505,000 $144,000, $510, $420,000 $505,000 $176,000, $500, $365,000 $505,000 $283,000, $585, $505,000 $505,000 $111,500, $550, $390,000 $495,000 $167,500, $405, $335,000 $490,000 $146,000, $500, $400,000 $490,000 $134,000, $475, $450,000 $485,000 $97,500, $450, $415,000 $485,000 $193,000, $485, $400,000 $485,000 $191,000, $520, $410,000 $485,000 $183,000, $490, $405,000 $480,000 $101,000, $480, $410,000 $475,000 $124,000, $505, $355,000 $470,000 $166,500, $490, $400,000 $470,000 $159,500, $495, $410,000 $450,000 $106,000, $470, $360,000 ZGuide 21

26 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Equity Partner PPEP Rank 2010 PPEP Rank 2009 Firm Lawyers, Partners, Location Robinson & Cole 228 Lawyers, 82 Equity Partners, 25 Nonequity Partners, Hartford Burr & Forman 210 Lawyers, 87 Equity Partners, 39 Nonequity Partners, Birmingham Baker, Donelson, Bearman, Caldwell & Berkowitz 518 Lawyers, 182 Equity Partners, 84 Nonequity Partners, Memphis Littler Mendelson 746 Lawyers, 290 Equity Partners, 106 Nonequity Partners, National Saul Ewing 229 Lawyers, 81 Equity Partners, 49 Nonequity Partners, Philadelphia Ballard Spahr 488 Lawyers, 202 Equity Partners, 24 Nonequity Partners, Philadelphia Ogletree, Deakins, Nash, Smoak & Stewart 431 Lawyers, 133 Equity Partners, 110 Nonequity Partners, National Dinsmore & Shohl 383 Lawyers, 124 Equity Partners, 96 Nonequity Partners, Cincinnati Lewis and Roca 197 Lawyers, 97 Equity Partners, 14 Nonequity Partners, Phoenix Akerman Senterfitt 472 Lawyers, 188 Equity Partners, 56 Nonequity Partners, Miami Lathrop & Gage 267 Lawyers, 96 Equity Partners, 51 Nonequity Partners, Kansas City, MO Miller, Canfield, Paddock and Stone 353 Lawyers, 115 Equity Partners, 55 Nonequity Partners, Detroit Quarles & Brady 417 Lawyers, 179 Equity Partners, 58 Nonequity Partners, Milwaukee Vorys, Sater, Seymour and Pease 347 Lawyers, 171 Equity Partners, 2 Nonequity Partners, Columbus Frost Brown Todd Lawyers, 160 Equity Partners, 51 Nonequity Partners, Cincinnati Holland & Hart 396 Lawyers, 193 Equity Partners, 0 Nonequity Partners, Denver Kutak Rock 384 Lawyers, 171 Equity Partners, 59 Nonequity Partners, Omaha Adams and Reese 240 Lawyers, 96 Equity Partners, 51 Nonequity Partners, New Orleans GrayRobinson 229 Lawyers, 130 Equity Partners, 16 Nonequity Partners, Orlando Holme Roberts & Owen 189 Lawyers, 89 Equity Partners, 24 Nonequity Partners, Denver 22 ZGuide

27 8 Frost Brown Todd merged with Locke Reynolds in January Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $450,000 $113,500, $495, $400,000 $445,000 $95,000, $450, $370,000 $440,000 $243,500, $470, $375,000 $435,000 $370,500, $495, $380,000 $435,000 $115,000, $505, $385,000 $430,000 $271,000, $555, $425,000 $430,000 $202,500, $470, $345,000 $420,000 $155,000, $405, $325,000 $415,000 $92,500, $470, $385,000 $410,000 $242,000, $510, $400,000 $410,000 $121,000, $455, $340,000 $410,000 $143,000, $405, $340,000 $410,000 $215,500, $515, $375,000 $395,000 $149,500, $430, $395,000 $390,000 $166,500, $405, $335,000 $390,000 $193,500, $490, $390,000 $390,000 $154,500, $400, $340,000 $380,000 $104,500, $435, $315,000 $365,000 $105,500, $460, $350,000 $345,000 $104,500, $555, $360,000 ZGuide 23

28 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 1 Wachtell $1,600, Irell & Manella $810, Quinn Emanuel $705, Sullivan & Cromwell $705, Munger, Tolles I $635, Cahill Gordon $580, Kirkland & Ellis $580, Boies, Schiller $575, Gibson, Dunn I $565, Milbank, Tweed I $555, Simpson Thacher I $545, Cravath $525, Williams & Connolly $525, Davis Polk I $515, Skadden I $505, Latham & Watkins I $490, McDermott Will $480, Paul, Weiss I $480, Gardere Wynne $470, Cleary Gottlieb I $460, ZGuide

29 Firms noted with a star (I) are on The American Lawyer s "A-List." (See the methodology on pages 2 and 3.) Firms ranked 101 to 200 in The Am Law 200 are in bold. See footnotes on the chart ranking firms by Profits Per Equity Partner for information about changes in firms status in 2009/ VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 20 Weil, Gotshal I $460, Choate Hall $455, Schulte Roth $455, Willkie Farr $455, Jeffer Mangels $450, Paul, Hastings I $450, Kaye Scholer $445, Dechert $440, Akin Gump $435, Stevens & Lee $435, Loeb & Loeb $430, Vinson & Elkins $430, Fish & Richardson $420, Wiley Rein $415, Baker Botts $410, Honigman Miller $405, Jenner & Block $405, Kramer Levin $405, Proskauer Rose $405, Shearman & Sterling $405, ZGuide 25

30 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 41 Sidley Austin $400, Winston & Strawn $395, Debevoise & Plimpton I $390, Finnegan, Henderson I $390, O Melveny & Myers I $390, Patterson Belknap $390, Ropes & Gray $390, Vedder Price $390, Covington & Burling I $385, Stroock & Stroock $385, Wilmer I $385, Goodwin Procter $380, Hughes Hubbard I $380, Cadwalader $375, Fried, Frank $370, Kasowitz, Benson $370, Brown Rudnick $365, Hogan & Hartson $365, Locke Lord $365, Bingham McCutchen $360, ZGuide

31 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 61 Cooley Godward $355, Dewey & LeBoeuf $355, Greenberg Traurig $355, Pillsbury Winthrop $355, Andrews Kurth $350, Katten Muchin $350, King & Spalding $350, Orrick I $350, Sheppard Mullin $350, Wilson Sonsini $350, Allen Matkins $345, Arnold & Porter I $345, Morgan, Lewis $340, Schiff Hardin $340, DLA Piper US $335, Fenwick & West $335, Manatt, Phelps $335, Morrison & Foerster I $335, Robins, Kaplan $335, Barnes & Thornburg $330, ZGuide 27

32 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 80 Chapman and Cutler $330, Dickstein Shapiro $325, Sutherland Asbill $325, Bracewell & Giuliani $320, Crowell & Moring $320, Lowenstein Sandler $320, Winstead $320, Arent Fox $315, Brownstein Hyatt $315, Fulbright & Jaworski $315, Herrick, Feinstein $315, Morris, Manning $315, Reed Smith $310, Steptoe & Johnson $310, Townsend and Townsend $310, Hunton & Williams $305, Venable $305, Chadbourne & Parke $300, Fitzpatrick, Cella $300, Haynes and Boone $300, ZGuide

33 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 98 Moore & Van Allen $300, Jackson Walker $295, Duane Morris $290, Foley & Lardner $290, Mintz, Levin $290, Snell & Wilmer $290, Blank Rome $285, Bradley Arant $285, Carlton Fields $285, Shook, Hardy $285, K&L Gates $280, Patton Boggs $280, Sills Cummis $280, Alston & Bird $275, Davis Wright $275, Foley Hoag $275, Sullivan & Worcester $275, Buchalter Nemer $270, Nixon Peabody $270, Perkins Coie $270, ZGuide 29

34 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 118 Seyfarth Shaw $270, Sonnenschein $270, White & Case $270, Goulston & Storrs $265, Holland & Knight $265, Howrey $265, Kenyon & Kenyon $265, Mayer Brown $265, Michael Best $265, Pepper Hamilton $265, Dow Lohnes $260, McGuireWoods $260, Baker and Hostetler $255, Kelley Drye $255, Knobbe Martens $255, Thompson & Knight $255, Cozen O Connor $250, Day Pitney $250, Ice Miller $250, Kilpatrick Stockton $250, ZGuide

35 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 137 Stinson Morrison $250, Womble Carlyle $250, Faegre & Benson $245, Husch Blackwell $245, Jones Day $245, Luce, Forward $245, McKenna Long $245, Dorsey & Whitney $240, Stoel Rives $240, Dickinson Wright $235, Thompson Coburn $235, Armstrong Teasdale $230, Drinker Biddle $230, Fisher & Phillips $230, Gibbons $230, Nelson Mullins $230, Troutman Sanders $230, Dykema Gossett $225, GrayRobinson $225, Baker & Daniels $220, ZGuide 31

36 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 160 Saul Ewing $220, Squire, Sanders $220, Burr & Forman $215, Holme Roberts $215, Jackson Lewis $215, Lewis and Roca $215, Quarles & Brady $215, Fragomen, Del Rey $210, Porter Wright $210, Wilson Elser $210, Akerman Senterfitt $205, Fox Rothschild $205, Hinshaw & Culbertson $205, Kutak Rock $205, Thompson Hine $205, Ballard Spahr $200, Epstein Becker $200, Littler Mendelson $200, Adams and Reese $195, Buchanan Ingersoll $195, ZGuide

37 2010 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2009 Lawyers Needed to Generate $10 Million 179 Ogletree, Deakins $195, Vorys, Sater $195, Baker, Donelson $190, Bryan Cave $190, Holland & Hart $190, Robinson & Cole $190, Curtis, Mallet-Prevost $185, Dinsmore & Shohl $185, Lathrop & Gage $185, Baker & McKenzie $180, McCarter & English $175, McElroy, Deutsch $175, Polsinelli Shughart $175, Williams Mullen $175, Edwards Angell $170, Frost Brown $170, Miller, Canfield $165, Sedgwick, Detert $165, Lewis Brisbois $160, Gordon & Rees $150, ZGuide 33

38 The 2010 Am Law 100 Gradual Recovery Signals Need for Continued Caution Zeughauser Group, LLC 2010 Profits Per Equity Partner Change from prior year (PPEP) 34 ZGuide Am Law 100 Financial Results for Gross Revenue Change from prior year (GR) Average Compounded Annual Growth Rate of PPEP 2 (CAGR) 0.3% (vs % in 2008) -3.4% (vs % in 2008) -1.7% Industry pundits had forecast a bleak scenario for law firms in 2009, and while the financial performance Am Law 100 CAGR of PPEP ( ) by Region of the Am Law 100 recently National -2.0% New York -4.1% released by The American Midwest 1.6% Lawyer was slightly better International -1.8% than predicted, law firms Northeast -1.4% should remain cautious California -1.9% throughout Although the economy is improving, Washington, D.C. Southeast 4.4% -0.5% uncertainties about the Texas 3.9% strength of key sectors, including the euro zone, financial markets, and home sales, remain, and there are concerns that large deficits will fuel inflation. These and other open questions have led leading economists to predict that full recovery will not come until late 2011 or early We advise law firm leaders to remain cautious about growth, to continue to be alert to the possibility of additional, prudent cost-cutting, to reassess their associate and partner promotion models, and to invest in positioning and branding to enhance their visibility in their most profitable markets. We believe that firms that align their strategies with the current needs of the marketplace will be positioned to emerge from the recession as strong market leaders. 1 PPEP and GR figures in this table were published by The American Lawyer in 2009 and Using data published by The American Lawyer, we calculated the 2007 to 2009 average compounded annual growth rate ( CAGR ) for profits per equity partner for the Am Law 100 as a group, as well as for sub-groups defined by geographic location. The American Lawyer labels some firms as national or international. It identifies the remaining firms by their city of origin. In our analysis, we used The American Lawyer designations and created additional groups: Southeast including firms based in Atlanta and Richmond (5 firms); Northeast Boston and Philadelphia (8 firms); and Midwest Chicago, Kansas City, Milwaukee, Minneapolis, and St. Louis (8 firms). We also analyzed the aggregate performance of firms located in New York (19 firms), Washington, D.C. (8 firms), Texas (6 firms), and California (6 firms).