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Ranking Law Firms by Economic Performance: Divergent Views

By ALM Staff | Law Journal Newsletters |
May 01, 2004

In the decades since Fortune magazine's landmark ranking of the nation's wealthiest corporations (during the Great Depression, of all times), the passion for ranking in our business and general cultures has grown to what can well be described as an obsession. Almost 20 years ago, law firms were finally drawn into economic ranking ' or rather, reportedly, were dragged into it kicking and screaming ' by the AmLaw listings, published by American Lawyer Media, the parent corporation of this newsletter.

A&FP readers should be able to guide their firms in how to contribute and use ranking data fairly and wisely. To that end, the following article excerpts and A&FP author commentaries assess the challenges of law firm ranking on several levels:

  • The specific problems of using “profits per equity partner” as a key measure
  • The pitfalls of relying on manipulable metrics in a competitive environment
  • The general difficulty of ranking by any single metric or formula
  • The challenge of dealing with clients and potential lateral hires who may interpret rankings uncritically

' Joe Danowsky, Editor-in-Chief

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