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

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

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

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

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 2016. 2015 and 2016 ALM Media Properties, LLC ZGuide

ZGuide

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 100...34 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... 53 REIT Debt...53 Law Index...54 ZGuide 1

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 $5,000. 2 ZGuide

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

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 1 1 2 2 3 3 4 4 5 7 6 9 7 8 8 6 9 10 10 5 11 12 12 14 13 13 14 11 15 15 16 17 17 20 18 16 19 18 20 19 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

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 $831,500,000 37 $3,185,000 1 $6,600,000 $4,420,000 $1,042,500,000 26 $1,545,000 4 $3,515,000 $4,085,000 $1,109,500,000 22 $1,170,000 23 $4,085,000 $3,870,000 $1,314,000,000 15 $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 $666,500,000 50 $1,410,000 7 $3,515,000 $3,470,000 $1,278,000,000 16 $1,330,000 8 $3,470,000 $3,360,000 $364,500,000 85 $1,170,000 23 $3,010,000 $3,305,000 $1,100,000,000 23 $1,230,000 16 $3,305,000 $3,205,000 $200,000,000 145 $1,590,000 3 $3,205,000 $3,185,000 $1,535,500,000 11 $1,265,000 11 $2,860,000 $3,125,000 $2,410,000,000 4 $1,435,000 5 $3,125,000 $3,085,000 $380,000,000 83 $1,265,000 11 $1,625,000 $3,080,000 $1,212,500,000 18 $1,010,000 47 $3,080,000 $2,905,000 $2,650,000,000 1 $1,215,000 19 $2,370,000 $2,765,000 $771,000,000 40 $1,190,000 21 $2,625,000 $2,625,000 $757,000,000 41 $1,230,000 16 $2,625,000 $2,615,000 $145,500,000 170 $1,010,000 47 $2,615,000 $2,605,000 $658,000,000 51 $1,155,000 27 $2,605,000 $2,520,000 $1,164,000,000 19 $1,095,000 31 $1,880,000 ZGuide 5

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 21 22 22 23 23 21 24 23 25 33 26 38 27 27 28 29 29 25 30 28 31 31 32 41 33 36 34 40 35 26 36 42 36 32 38 33 39 37 40 30 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

Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $2,515,000 $1,018,500,000 27 $1,090,000 34 $1,510,000 $2,510,000 $890,000,000 34 $1,005,000 50 $1,695,000 $2,505,000 $1,056,500,000 25 $1,160,000 26 $2,045,000 $2,330,000 $405,500,000 78 $1,140,000 29 $2,330,000 $2,215,000 $735,000,000 45 $1,055,000 38 $1,860,000 $2,205,000 $504,500,000 64 $1,225,000 18 $1,930,000 $2,150,000 $822,500,000 38 $1,175,000 22 $1,780,000 $2,065,000 $1,867,000,000 7 $1,050,000 40 $1,360,000 $2,060,000 $463,500,000 70 $1,035,000 43 $1,500,000 $2,020,000 $1,523,500,000 12 $795,000 86 $1,500,000 $2,015,000 $1,390,000,000 13 $1,255,000 14 $2,015,000 $1,990,000 $865,500,000 35 $1,095,000 31 $1,455,000 $1,915,000 $930,000,000 29 $1,095,000 31 $1,485,000 $1,910,000 $202,500,000 143 $1,265,000 11 $1,470,000 $1,905,000 $361,500,000 90 $1,145,000 28 $1,675,000 $1,885,000 $912,000,000 32 $1,140,000 29 $1,520,000 $1,885,000 $627,500,000 55 $1,030,000 44 $1,545,000 $1,865,000 $261,000,000 118 $1,290,000 10 $1,865,000 $1,850,000 $494,000,000 65 $950,000 58 $1,315,000 $1,845,000 $234,500,000 127 $830,000 76 $1,110,000 ZGuide 7

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 41 35 42 38 43 50 44 43 44 44 46 51 47 51 48 53 49 47 50 45 51 54 51 46 53 55 54 58 55 66 55 59 55 56 58 61 59 48 60 63 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

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 $860,500,000 36 $1,025,000 45 $1,675,000 $1,830,000 $332,000,000 100 $1,050,000 40 $1,545,000 $1,810,000 $1,140,000,000 20 $1,255,000 14 $1,810,000 $1,805,000 $704,500,000 46 $1,010,000 47 $1,330,000 $1,805,000 $818,500,000 39 $1,015,000 46 $1,110,000 $1,790,000 $913,000,000 31 $995,000 52 $1,150,000 $1,760,000 $689,500,000 47 $1,085,000 35 $1,700,000 $1,745,000 $688,000,000 48 $915,000 64 $1,025,000 $1,720,000 $465,000,000 69 $1,065,000 36 $1,225,000 $1,685,000 $105,500,000 186 $825,000 77 $1,050,000 $1,620,000 $363,500,000 87 $1,200,000 20 $1,495,000 $1,620,000 $187,500,000 149 $1,065,000 36 $1,615,000 $1,580,000 $891,500,000 33 $910,000 66 $875,000 $1,570,000 $2,543,000,000 2 $675,000 122 $825,000 $1,560,000 $252,000,000 122 $915,000 64 $1,025,000 $1,560,000 $1,257,000,000 17 $835,000 75 $890,000 $1,560,000 $403,000,000 79 $1,325,000 9 $1,560,000 $1,555,000 $979,500,000 28 $1,040,000 42 $1,315,000 $1,530,000 $1,844,000,000 8 $980,000 54 $1,280,000 $1,510,000 $561,500,000 59 $900,000 68 $925,000 ZGuide 9

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 61 77 62 60 63 66 64 57 65 72 66 62 67 64 68 48 69 68 70 75 70 82 72 73 73 78 74 64 75 69 76 81 77 74 78 75 79 71 80 83 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

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 $395,000,000 81 $1,170,000 23 $1,070,000 $1,475,000 $1,321,500,000 14 $730,000 101 $770,000 $1,445,000 $559,500,000 60 $925,000 63 $975,000 $1,430,000 $245,500,000 125 $910,000 66 $720,000 $1,385,000 $324,000,000 101 $980,000 54 $730,000 $1,380,000 $370,000,000 84 $1,000,000 51 $1,205,000 $1,355,000 $192,500,000 148 $945,000 59 $980,000 $1,345,000 $151,500,000 163 $480,000 189 $530,000 $1,275,000 $742,500,000 44 $935,000 60 $1,275,000 $1,250,000 $1,821,000,000 9 $725,000 102 $995,000 $1,250,000 $744,000,000 43 $710,000 108 $705,000 $1,245,000 $265,500,000 117 $985,000 53 $1,245,000 $1,235,000 $297,000,000 108 $930,000 61 $865,000 $1,210,000 $650,000,000 53 $975,000 56 $1,210,000 $1,190,000 $296,500,000 109 $710,000 108 $700,000 $1,185,000 $557,000,000 61 $930,000 61 $860,000 $1,175,000 $308,000,000 106 $1,055,000 38 $980,000 $1,150,000 $180,000,000 154 $880,000 70 $1,025,000 $1,140,000 $2,430,000,000 3 $555,000 162 $805,000 $1,135,000 $249,000,000 124 $785,000 90 $910,000 ZGuide 11

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 81 87 82 85 83 84 84 78 85 86 86 96 87 99 88 93 89 97 90 88 91 100 92 89 92 101 92 92 95 103 96 93 96 124 98 97 99 126 100 105 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 2 447 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

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 $682,000,000 49 $805,000 81 $705,000 $1,125,000 $173,500,000 155 $745,000 99 $730,000 $1,110,000 $209,000,000 139 $840,000 74 $670,000 $1,105,000 $1,123,000,000 21 $695,000 113 $710,000 $1,100,000 $748,500,000 42 $800,000 84 $725,000 $1,070,000 $121,500,000 175 $760,000 93 $795,000 $1,065,000 $360,000,000 92 $805,000 81 $655,000 $1,060,000 $477,000,000 66 $800,000 84 $790,000 $1,045,000 $653,500,000 52 $675,000 122 $690,000 $1,035,000 $363,000,000 88 $825,000 77 $740,000 $1,025,000 $388,500,000 82 $785,000 90 $795,000 $1,020,000 $193,000,000 147 $820,000 79 $795,000 $1,020,000 $590,000,000 58 $740,000 100 $660,000 $1,020,000 $301,000,000 107 $790,000 88 $710,000 $1,010,000 $1,941,000,000 6 $755,000 96 $1,010,000 $980,000 $118,500,000 176 $470,000 190 $460,000 $980,000 $276,500,000 115 $875,000 71 $715,000 $975,000 $212,500,000 137 $635,000 137 $695,000 $970,000 $468,500,000 67 $750,000 98 $735,000 $965,000 $183,000,000 152 $660,000 127 $640,000 ZGuide 13

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 101 91 101 109 103 107 104 102 105 124 105 104 105 118 108 111 109 109 109 106 109 132 112 114 112 108 112 150 115 118 115 93 117 113 118 114 119 129 119 Hunton & Williams 2 696 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

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 $528,000,000 62 $760,000 93 $700,000 $950,000 $207,500,000 141 $760,000 93 $740,000 $940,000 $357,500,000 93 $955,000 57 $940,000 $935,000 $282,500,000 113 $810,000 80 $720,000 $930,000 $633,500,000 54 $700,000 112 $665,000 $930,000 $411,500,000 73 $715,000 106 $645,000 $930,000 $240,000,000 126 $795,000 86 $770,000 $910,000 $151,500,000 163 $885,000 69 $830,000 $905,000 $362,000,000 89 $690,000 118 $720,000 $905,000 $221,500,000 133 $660,000 127 $570,000 $905,000 $461,000,000 71 $725,000 102 $580,000 $900,000 $172,000,000 156 $790,000 88 $650,000 $900,000 $434,500,000 72 $695,000 113 $565,000 $900,000 $115,500,000 179 $875,000 71 $635,000 $890,000 $345,000,000 94 $725,000 102 $625,000 $890,000 $597,000,000 57 $705,000 110 $605,000 $880,000 $361,000,000 91 $695,000 113 $680,000 $870,000 $1,065,000,000 24 $575,000 158 $605,000 $865,000 $226,000,000 129 $805,000 81 $705,000 $865,000 $85,000,000 200 $655,000 130 $575,000 ZGuide 15

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 121 144 122 126 123 123 112 125 121 126 114 127 121 128 151 129 123 130 136 130 130 132 114 132 133 134 140 135 135 136 126 136 138 138 133 139 139 140 147 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 2 615 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

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 $406,000,000 77 $400,000 199 $385,000 $850,000 $149,000,000 165 $695,000 113 $595,000 $845,000 $88,000,000 198 $610,000 144 $590,000 $845,000 $929,000,000 30 $650,000 130 $505,000 $840,000 $201,000,000 144 $780,000 92 $705,000 $835,000 $223,000,000 132 $630,000 138 $515,000 $820,000 $261,000,000 118 $625,000 140 $600,000 $815,000 $364,500,000 85 $595,000 151 $665,000 $805,000 $617,000,000 56 $680,000 119 $605,000 $800,000 $409,500,000 75 $755,000 96 $670,000 $800,000 $466,000,000 68 $695,000 113 $655,000 $775,000 $108,000,000 185 $615,000 142 $485,000 $775,000 $148,500,000 166 $845,000 73 $775,000 $770,000 $321,500,000 103 $640,000 134 $520,000 $755,000 $277,500,000 114 $490,000 185 $315,000 $750,000 $322,500,000 102 $670,000 124 $590,000 $750,000 $101,500,000 188 $705,000 110 $550,000 $745,000 $341,500,000 95 $640,000 134 $545,000 $740,000 $147,000,000 168 $590,000 153 $465,000 $725,000 $410,000,000 74 $570,000 159 $450,000 ZGuide 17

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 141 146 142 140 143 143 143 131 145 165 146 151 147 153 148 144 149 156 150 151 170 152 161 153 162 153 147 155 169 156 158 156 170 158 164 158 158 158 158 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

Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $710,000 $99,000,000 189 $680,000 119 $500,000 $700,000 $161,000,000 158 $610,000 144 $570,000 $690,000 $274,000,000 116 $600,000 147 $600,000 $690,000 $98,000,000 191 $715,000 106 $690,000 $685,000 $183,000,000 152 $670,000 124 $515,000 $675,000 $337,000,000 97 $600,000 147 $540,000 $670,000 $233,000,000 128 $625,000 140 $450,000 $665,000 $290,500,000 110 $640,000 134 $495,000 $660,000 $399,000,000 80 $555,000 162 $445,000 $650,000 $99,000,000 189 $535,000 173 $535,000 $635,000 $318,500,000 104 $655,000 130 $550,000 $625,000 $207,500,000 141 $570,000 159 $480,000 $620,000 $155,000,000 161 $615,000 142 $495,000 $620,000 $93,000,000 194 $485,000 188 $390,000 $615,000 $284,000,000 112 $585,000 155 $435,000 $605,000 $158,500,000 159 $570,000 159 $500,000 $605,000 $256,000,000 121 $605,000 146 $440,000 $600,000 $337,500,000 96 $665,000 126 $600,000 $600,000 $336,500,000 98 $660,000 127 $515,000 $600,000 $407,000,000 76 $540,000 171 $450,000 ZGuide 19

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 158 154 158 147 163 163 168 165 162 166 186 166 197 168 137 168 192 170 172 170 184 172 175 172 175 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 172 166 176 179 176 182 178 178 179 179 179 192 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

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 $1,737,000,000 10 $515,000 178 $570,000 $600,000 $290,000,000 111 $590,000 153 $445,000 $585,000 $90,500,000 196 $600,000 147 $530,000 $585,000 $209,000,000 139 $600,000 147 $465,000 $580,000 $124,000,000 174 $585,000 155 $445,000 $550,000 $154,500,000 162 $550,000 165 $390,000 $550,000 $116,000,000 178 $545,000 169 $495,000 $540,000 $112,000,000 181 $500,000 182 $445,000 $540,000 $104,500,000 187 $655,000 130 $540,000 $530,000 $114,500,000 180 $585,000 155 $425,000 $530,000 $186,000,000 150 $515,000 178 $480,000 $525,000 $158,000,000 160 $545,000 169 $460,000 $525,000 $225,000,000 130 $455,000 194 $340,000 $525,000 $89,000,000 197 $680,000 119 $455,000 $525,000 $194,500,000 146 $550,000 165 $435,000 $520,000 $213,000,000 136 $725,000 102 $520,000 $520,000 $124,500,000 173 $555,000 162 $445,000 $515,000 $185,500,000 151 $500,000 182 $400,000 $510,000 $140,000,000 171 $455,000 194 $395,000 $510,000 $258,500,000 120 $595,000 151 $440,000 ZGuide 21

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 181 166 181 179 183 185 184 186 184 194 186 174 187 172 187 189 189 186 190 194 191 196 191 191 193 197 194 190 195 175 195 156 197 198 199 199 200 200 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

Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $505,000 $225,000,000 130 $535,000 173 $395,000 $505,000 $109,000,000 184 $550,000 165 $460,000 $500,000 $135,000,000 172 $500,000 182 $425,000 $495,000 $211,500,000 138 $490,000 185 $375,000 $495,000 $118,500,000 176 $520,000 175 $420,000 $490,000 $332,500,000 99 $510,000 180 $430,000 $485,000 $146,000,000 169 $540,000 171 $410,000 $485,000 $112,000,000 181 $510,000 180 $385,000 $480,000 $249,500,000 123 $550,000 165 $470,000 $455,000 $148,500,000 166 $520,000 175 $415,000 $450,000 $217,500,000 135 $460,000 192 $400,000 $450,000 $112,000,000 181 $450,000 196 $450,000 $440,000 $96,000,000 192 $630,000 138 $385,000 $435,000 $219,500,000 134 $435,000 197 $345,000 $425,000 $506,500,000 63 $520,000 175 $390,000 $425,000 $309,000,000 105 $395,000 200 $285,000 $415,000 $87,000,000 199 $490,000 185 $315,000 $380,000 $93,500,000 193 $470,000 190 $315,000 $370,000 $163,000,000 157 $460,000 192 $295,000 $315,000 $92,000,000 195 $420,000 198 $310,000 ZGuide 23

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 $2,125,000 4.71 2 Quinn Emanuel Urquhart & Sullivan $1,115,000 8.97 3 Irell & Manella $995,000 10.05 4 Kirkland & Ellis $905,000 11.05 5 Sullivan & Cromwell $820,000 12.20 6 Gibson, Dunn & Crutcher $800,000 12.50 7 Munger, Tolles & Olson $790,000 12.66 8 Choate Hall & Stewart $775,000 12.90 9 Skadden, Arps, Slate, Meagher & Flom $700,000 14.29 10 Cahill Gordon & Reindel $695,000 14.39 11 Latham & Watkins $685,000 14.60 12 Cravath, Swaine & Moore $680,000 14.71 13 Simpson Thacher & Bartlett $675,000 14.81 14 Boies, Schiller & Flexner $660,000 15.15 15 Milbank, Tweed, Hadley & McCloy $640,000 15.63 15 Paul Hastings $640,000 15.63 15 Willkie Farr & Gallagher $640,000 15.63 18 BuckleySandler $620,000 16.13 19 20 Jeffer Mangels Butler & Mitchell Paul, Weiss, Rifkind, Wharton & Garrison $615,000 16.26 $600,000 16.67 24 ZGuide

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 2015/2016. 2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 20 Williams & Connolly $600,000 16.67 22 Fried, Frank, Harris, Shriver & Jacobson $580,000 17.24 22 King & Spalding $580,000 17.24 22 Proskauer Rose $580,000 17.24 25 Goodwin Procter $575,000 17.39 26 Debevoise & Plimpton $570,000 17.54 27 Davis Polk & Wardwell $565,000 17.70 28 Akin Gump Strauss Hauer & Feld $560,000 17.86 28 Schulte Roth & Zabel $560,000 17.86 28 Wilmer Cutler Pickering Hale and Dorr $560,000 17.86 31 Fish & Richardson $555,000 18.02 32 Dechert $545,000 18.35 32 Honigman Miller Schwartz and Cohn $545,000 18.35 32 Jenner & Block $545,000 18.35 32 Vinson & Elkins $545,000 18.35 36 Baker Botts $525,000 19.05 36 Cooley $525,000 19.05 36 Sidley Austin $525,000 19.05 39 Ropes & Gray $515,000 19.42 40 Allen Matkins Leck Gamble Mallory & Natsis $510,000 19.61 ZGuide 25

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 $510,000 19.61 42 Brown Rudnick $505,000 19.80 42 Hughes Hubbard & Reed $505,000 19.80 44 Kramer Levin Naftalis & Frankel $500,000 20.00 44 Weil, Gotshal & Manges $500,000 20.00 44 Wilson Sonsini Goodrich & Rosati $500,000 20.00 47 Fenwick & West $490,000 20.41 47 O'Melveny & Myers $490,000 20.41 49 Chapman and Cutler $485,000 20.62 49 Cleary Gottlieb Steen & Hamilton $485,000 20.62 51 Morgan, Lewis & Bockius $480,000 20.83 52 Winston & Strawn $475,000 21.05 53 Katten Muchin Rosenman $470,000 21.28 54 Sheppard, Mullin, Richter & Hampton $465,000 21.51 55 Alston & Bird $460,000 21.74 56 Goulston & Storrs $455,000 21.98 56 Morrison & Foerster $455,000 21.98 58 Patterson Belknap Webb & Tyler $450,000 22.22 59 Andrews Kurth $445,000 22.47 59 Barnes & Thornburg $445,000 22.47 26 ZGuide

2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 61 Pillsbury Winthrop Shaw Pittman $440,000 22.73 62 Vedder Price $430,000 23.26 63 Arnold & Porter $425,000 23.53 63 Loeb & Loeb $425,000 23.53 65 Manatt, Phelps & Phillips $420,000 23.81 65 Schiff Hardin $420,000 23.81 67 Covington & Burling $415,000 24.10 67 Lowenstein Sandler $415,000 24.10 67 Stroock & Stroock & Lavan $415,000 24.10 70 Morris, Manning & Martin $410,000 24.39 70 Robins Kaplan $410,000 24.39 72 Finnegan, Henderson, Farabow, Garrett & Dunner $405,000 24.69 72 Greenberg Traurig $405,000 24.69 72 Orrick, Herrington & Sutcliffe $405,000 24.69 75 Thompson & Knight $395,000 25.32 76 Jackson Walker $390,000 25.64 76 Kaye Scholer $390,000 25.64 78 79 Kasowitz, Benson, Torres & Friedman Brownstein Hyatt Farber Schreck $380,000 26.32 $375,000 26.67 79 Moore & Van Allen $375,000 26.67 ZGuide 27

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 $375,000 26.67 82 Holland & Knight $370,000 27.03 82 Venable $370,000 27.03 84 Arent Fox $365,000 27.40 84 Jones Day $365,000 27.40 84 Pepper Hamilton $365,000 27.40 84 Perkins Coie $365,000 27.40 84 Winstead $365,000 27.40 89 Gardere Wynne Sewell $360,000 27.78 89 Mayer Brown $360,000 27.78 89 Troutman Sanders $360,000 27.78 92 Bradley Arant Boult Cummings $355,000 28.17 93 Foley Hoag $350,000 28.57 93 Shutts & Bowen $350,000 28.57 93 White & Case $350,000 28.57 96 Carlton Fields Jorden Burt $345,000 28.99 96 Faegre Baker Daniels $345,000 28.99 96 Foley & Lardner $345,000 28.99 99 Bracewell & Giuliani $340,000 29.41 99 Sutherland Asbill & Brennan $340,000 29.41 28 ZGuide

2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 101 Arnall Golden Gregory $335,000 29.85 101 Hinckley, Allen & Snyder $335,000 29.85 101 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo $335,000 29.85 104 Herrick, Feinstein $330,000 30.30 105 Cadwalader, Wickersham & Taft $325,000 30.77 106 Blank Rome $320,000 31.25 106 Hogan Lovells $320,000 31.25 106 Hunton & Williams $320,000 31.25 106 Nelson Mullins Riley & Scarborough $320,000 31.25 106 Rutan & Tucker $320,000 31.25 106 Sherman & Howard $320,000 31.25 112 Ice Miller $315,000 31.75 112 Steptoe & Johnson $315,000 31.75 112 Wiley Rein $315,000 31.75 115 Davis Wright Tremaine $310,000 32.26 115 Drinker Biddle & Reath $310,000 32.26 115 Nossaman $310,000 32.26 115 Reed Smith $310,000 32.26 115 Seyfarth Shaw $310,000 32.26 115 Shumaker, Loop & Kendrick $310,000 32.26 ZGuide 29

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 $310,000 32.26 115 Sullivan & Worcester $310,000 32.26 123 Baker & Hostetler $305,000 32.79 123 Nixon Peabody $305,000 32.79 123 Thompson Coburn $305,000 32.79 126 Cozen O'Connor $300,000 33.33 126 Crowell & Moring $300,000 33.33 126 Duane Morris $300,000 33.33 126 Haynes and Boone $300,000 33.33 126 McGuireWoods $300,000 33.33 131 Gibbons $295,000 33.90 131 Kelley Drye & Warren $295,000 33.90 131 Stinson Leonard Street $295,000 33.90 134 Akerman $290,000 34.48 134 Womble Carlyle Sandridge & Rice $290,000 34.48 136 K&L Gates $285,000 35.09 136 Quarles & Brady $285,000 35.09 138 Ballard Spahr $280,000 35.71 138 Day Pitney $280,000 35.71 138 Stoel Rives $280,000 35.71 30 ZGuide

2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 141 Fox Rothschild $275,000 36.36 141 Kilpatrick Townsend & Stockton $275,000 36.36 143 DLA Piper $270,000 37.04 143 Fragomen, Del Rey, Bernsen & Loewy $270,000 37.04 143 Knobbe, Martens, Olson & Bear $270,000 37.04 143 Locke Lord $270,000 37.04 147 Adams and Reese $265,000 37.74 147 Baker & McKenzie $265,000 37.74 147 GrayRobinson $265,000 37.74 147 Shook, Hardy & Bacon $265,000 37.74 151 Bryan Cave $260,000 38.46 151 Chadbourne & Parke $260,000 38.46 151 Dorsey & Whitney $260,000 38.46 151 Lewis Roca Rothgerber $260,000 38.46 151 Michael Best & Friedrich $260,000 38.46 151 Polsinelli $260,000 38.46 151 Saul Ewing $260,000 38.46 151 Sills Cummis & Gross $260,000 38.46 159 Armstrong Teasdale $255,000 39.22 159 Fisher & Phillips $255,000 39.22 ZGuide 31

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 $255,000 39.22 159 Jackson Lewis $255,000 39.22 159 Kutak Rock $255,000 39.22 159 McCarter & English $255,000 39.22 165 Dickinson Wright $250,000 40.00 165 Frost Brown Todd $250,000 40.00 165 Husch Blackwell $250,000 40.00 165 Thompson Hine $250,000 40.00 169 Buchanan Ingersoll & Rooney $245,000 40.82 169 Burr & Forman $245,000 40.82 169 Greenspoon Marder $245,000 40.82 169 Lane Powell $245,000 40.82 169 Porter Wright Morris & Arthur $245,000 40.82 174 Holland & Hart $240,000 41.67 174 Smith, Gambrell & Russell $240,000 41.67 176 177 Vorys, Sater, Seymour and Pease Ogletree, Deakins, Nash, Smoak & Stewart $235,000 42.55 $230,000 43.48 178 Lewis Brisbois Bisgaard & Smith $225,000 44.44 178 Miller, Canfield, Paddock and Stone $225,000 44.44 180 Hinshaw & Culbertson $220,000 45.45 32 ZGuide

2016 VPL Rank VPL: Partner Comp/ Number of Lawyers, FY 2015 Lawyers Needed to Generate $10 Million 180 Robinson & Cole $220,000 45.45 182 Dykema Gossett $215,000 46.51 182 Lathrop & Gage $215,000 46.51 182 LeClairRyan $215,000 46.51 185 Baker, Donelson, Bearman, Caldwell & Berkowitz $210,000 47.62 186 Archer & Greiner $200,000 50.00 186 Clark Hill $200,000 50.00 186 McElroy, Deutsch, Mulvaney & Carpenter $200,000 50.00 186 Norton Rose Fulbright $200,000 50.00 186 Sedgwick $200,000 50.00 191 Dinsmore & Shohl $195,000 51.28 191 Phelps Dunbar $195,000 51.28 191 Strasburger & Price $195,000 51.28 191 Williams Mullen $195,000 51.28 195 Bond, Schoeneck & King $190,000 52.63 195 Littler Mendelson $190,000 52.63 197 Squire Patton Boggs $175,000 57.14 198 199 199 Gordon Rees Scully Mansukhani Curtis, Mallet-Prevost, Colt & Mosle Wilson Elser Moskowitz Edelman & Dicker $150,000 66.67 $115,000 86.96 $115,000 86.96 ZGuide 33

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

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

The Global 100 The World s Largest s, Ranked By Profits Per Equity Partner 2015 Global 100 PPEP Rank Lawyers, Partners, Location 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 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

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 $702,500,000 52 $2,630,000 $4,925,000 $1,103,500,000 29 $1,555,000 87 34 $3,845,000 $1,036,500,000 33 $1,100,000 50 66 $3,680,000 $1,276,000,000 18 $1,585,000 70 52 $3,510,000 $2,150,000,000 6 $1,365,000 23 79 $3,485,000 $1,245,500,000 22 $1,340,000 53 59 $3,365,000 $648,000,000 61 $1,465,000 99 $3,295,000 $1,072,000,000 30 $1,230,000 62 52 $3,230,000 $1,250,000,000 21 $1,060,000 35 27 $3,045,000 $1,466,000,000 15 $1,215,000 34 34 $2,915,000 $525,500,000 75 $1,080,000 87 $2,905,000 $2,315,000,000 4 $1,400,000 21 25 $2,900,000 $2,612,000,000 1 $1,245,000 13 23 $2,745,000 $761,000,000 48 $1,240,000 52 $2,560,000 $640,000,000 64 $1,155,000 59 $2,405,000 $1,151,000,000 26 $1,075,000 39 34 $2,380,000 $710,500,000 49 $1,155,000 59 $2,360,000 $1,000,500,000 34 $1,145,000 61 34 $2,355,000 $934,000,000 36 $1,055,000 58 34 $2,315,000 $839,500,000 43 $955,000 60 25 ZGuide 37

The Global 100 The World s Largest s, Ranked By Profits Per Equity Partner 2015 Global 100 PPEP Rank Lawyers, Partners, Location 20 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 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