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The Future Profitability of Law Firms
In the early summer of 2008, the American legal landscape was very different than it is today. The recently published AmLaw 100 list documented that 60 American law firms had reported profits per partner (“PPP”) of more than $1 million. This was the 10th consecutive year of record profits among the AmLaw 100. There were an astonishing 19 firms that reported PPP that exceeded $2 million and one whose PPP almost reached $5 million. The average PPP number reported for the top 100 law firms in the United States was $1.3 million.
About the same time that the 2007 AmLaw results were published, the first round of associate dismissals were announced. Not many, 100 or so in May and 150 in June. It could have been the normal “housekeeping” that most firms do in preparation for the soon-to-arrive fall class of attorneys. There were no announced dismissals in July, and August saw another 100 or so associates let go by their firms.
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