top ten law firms in the world in terms of annual returns and development in legal services
top ten law firms in the world
In light of the transformation and change in the American business community from traditional fields to technical development and the emergence of completely new sectors and fields, law firms, in turn, began to change and develop to keep pace with these transformations and the ability to work with them, such as the areas of digital currencies, mining, encryption and cybersecurity.
Therefore, Forbes magazine, in cooperation with the company Statista for market studies, conducted the first specialized study to monitor the performance of law firms on more than 1.3 million lawyers practicing the profession in more than 40,000 law firms and firms across the United States of America, and the best law firms that succeeded in specializing and developing their performance study options 243 offices submitted a survey, answered by 2500 lawyers , and the results did not include only the names of famous law firms such as white-shoe law firms in London, but also offices that focused on specialization in one field.
Law firms in the world suffered in the previous period of stagnation, but this period began to recover sharply, according to the report of Citi and Hildebrandt Consulting, and this also appeared through the search for the revenues of law firms during the year, and the final reports of corporate returns came from several sources, including numbers that were reached It was obtained through the law firm itself, and some companies refused to disclose their total income. The report indicated that there are two offices that have exceeded $3 billion in revenues, and they are:
- . Kirkland & Elli topped US law firms in terms of total returns in the previous decade, with office revenues doubling from $1.4 billion in 2008 to nearly $3.8 billion in 2018.
- Latham & Watkins, where the office indicated that it is about to cross the $4 billion barrier by the end of 2019
And in the next ranks were ten offices that exceeded $2 billion, all of which are international law firms
- Baker McKenzie
- FOR Piper
- Skadden, Arps, Slate, Meagher & Flom
- Sidley Austin, Hogan Lovells, Morgan, Lewis & Bockius
- Clifford Chance
- Jones Day
- White & Case
Then came a list of 31 law firms whose revenues exceeded one billion dollars
Although some law firms that were covered by the research continued to specialize in one of the fields of law, such as specializing in labor issues, mergers and acquisitions, capital, and other branches of law. But other offices began to expand urgently to include modern legal services such as legislation related to cryptocurrency, mining and protection, and recently appeared offices focused on the legal use of cannabis plants (the cannabis plant) such as the Akerman office in Miami, which was known locally within the state for cases related to cannabis. The office began to emerge in 2014 providing some legal advice to investors related to the use of cannabis in certain industries.
In a similar vein, there was the Duane Morris office in Philadelphia, which began providing legal services related to cannabis and its movement between states, taking into account the specific legislation of each state, and the Sheppard Mullin office in Los Angeles with a team of 70 lawyers specializing in cannabis legislation.
One of the first offices that took the initiative to work in the field of blockchain (technique for searching for cryptocurrencies) is Seattle’s Perkins Coie office, which includes more than 40 lawyers working in the areas of cryptocurrency and has a list of more than 200 clients in this field
Diversity and gender parity in the legal profession has become a source of interest for many companies and offices, according to the National Association for Law Placement report, whereby black women and lawyers have a higher proportion of appearances compared to 2017 and 2018, and many partnerships have emerged between law firms, women, law firms and minorities, and the report showed that There are six law firms that have introduced a female component as their partner, and more than 30 law firms are led by women
The study showed that there is a phenomenon worth contemplating in the legal environment in the United States, which is the regional law firms that do not exceed the number of branches of 3 branches at most, yet they provide many services to international clients, for example, the Robinson Bradshaw office in North Carolina, which specializes in mergers Acquisition and antitrust, has only 3 branches within the state yet has a large list of international clients such as Verizon Communications.
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