Last week saw the release of this year’s highly anticipated Am Law 100, providing a fascinating look into the financial health of the US’s top 100 largest law firms. Total gross revenue for the Am Law 100 in FY 2022 grew 2.7% to $130B amid a complex business and economic environment.
However, looking beyond this top-line figure, examining how other key financial metrics fared is essential. This includes the performance of average costs per lawyer (CPL), which grew by 2.3% year over year. While representing a slowdown on the 9.1% growth exhibited in FY 2021, it still represented a higher growth rate than average revenue per lawyer (RPL), which declined by 1.9%. This trend of CPL outpacing RPL is not a route that Big Law should be looking to go down.
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