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

Transcription

1 UIDE TO LEADING LAW FIRMS THE AM LAW 100/200 THE GLOBAL 100 uide THE A-LIST CORPORATE SCORECARD UIDE ZEUGHAUSER GROUP S 2009 POCKET GUIDE TO THE AMERICAN LAWYER RANKINGS

2

3 The Zeughauser Group Dear Clients and Other Friends: We are pleased to provide you with our ZGuide to Leading Law Firms, including the 2009 Am Law 200 and 2008 Global 100 rankings our seventh edition of the ZGuide. In 2008 the economy continued the softening that began in the second half of Activity at most law firms took a nosedive in the fourth quarter and, as a result, 2008 was the first year in 17 years in which the Am Law 100 declined in both revenue per lawyer and profits per equity partner. Some pundits have declared the end of the golden era for law firms and the death of the traditional law firm model. While we agree that there will be significant changes in the profession, we believe that the fundamentals on which the traditional law firm model are based including the promise of a rewarding career, with training and partnership for those lawyers who demonstrate the traits of ownership and find career satisfaction in helping clients achieve their goals will continue to be valid. Firms with the discipline to adapt to changes in our increasingly competitive and interdependent global marketplace, but that retain their focus on these fundamental values, will lead the industry out of the recession and enjoy still greater strength. Those that don t will weaken. ZGuide

4 Last year we predicted that the recession and liquidity crisis would make 2008 the most challenging year for many large law firms in over a decade, but we expressed confidence that all firms would enjoy opportunities to invest in growth strategies during the downturn. In this regard, we were privileged in 2008 to work with many of the world s leading law firms on growth, marketing, and client-development strategies, and to enjoy the ongoing participation of over 50 of the Am Law 100 and 200 firms in our Chair and CMO Roundtables. We believe 2009 will be more challenging still, but also will present greater opportunities for growth. We again look forward to helping our clients marshal their resources in their drive for market leadership. We wish our clients and other friends in the industry renewed determination, clear vision, great success, and prosperity throughout 2009 and into 2010, times that will challenge us all to be our best. Sincerely, Ron Beard Jerome L. Coben Mozhgan Mizban Norm Rubenstein Jack Walker Mary K Young Peter Zeughauser Kent Zimmermann Lonnie Zwerin Incisive Media US Properties, LLC and Zeughauser Group, LLC Chart information reprinted with permission from the April, May, June 2009 and October 2008 issues of The American Lawyer (The Am Law 100, The Am Law 200, Corporate Scorecard, The A-List, and The Global 100) Incisive Media US Properties, LLC ZGuide

5 Table of Contents Methodology The Am Law 200, A-List The Am Law 200 Ranked by Profits Per Equity Partner The Am Law 200 Ranked by Value Per Lawyer The 2009 Am Law 100 Forward Looking Strategies: Tough Medicine and Elixirs for Success Methodology The Global The Global 100 Ranked by Profits Per Equity Partner Assessing the Performance of Client Service Teams Methodology The Corporate Scorecard The Corporate Scorecard Mergers and Acquisitions Private Equity IPOs Equities by U.S. Corporations Investment-Grade Debt High-Yield Debt Asset-Backed Securities Mortgage-Backed Securities Municipal Bonds Project Finance REIT Equities REIT Debt Bankruptcies Emergences Law Firm Index ZGuide 1

6 The Am Law 200 Methodology The Am Law 200 is reported by staff members at Incisive Media s publications throughout the United States, including The American Lawyer, The Connecticut Law Tribune, Daily Business Review (Miami), Fulton County Daily Report (Atlanta), The Legal Intelligencer (Philadelphia), Legal Times (Washington, DC), The New Jersey Law Journal, New York 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. In all cases, the revenue and profit figures listed are for the firm s most recently completed fiscal year. Most Am Law firms are on a calendar fiscal year. Net is compensation paid to equity partners. Equity Partners are those who file a Schedule K-1 tax form and 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 basis. To ensure that profits per partner and leverage data are consistent, partners without equity shares in the firm s profits (or who do not have more than a partial equity share in the firm s profits) are not counted as partners. Similarly, retired partners and of counsel are not counted as partners, nor are payments made to them counted in net operating income. Lawyer numbers are for full-time equivalent lawyers for firms whose fiscal year ends after August 31, 2008, and are provided as of that date. If the firm s fiscal year ended between March 31 and August 31, 2008, the firm was asked to give the end of the firm s fiscal year. 2 ZGuide

7 This is intended to exclude first-year associates, who typically start in the fall but take several months to produce revenue. Calculations Gross Revenue is rounded to the nearest $500,000. Profits Per Partner, Revenue Per Lawyer, and Average Compensation for All Partners are rounded to the nearest $5,000. Revenue Per Lawyer (RPL) is calculated by dividing gross revenue by the number of lawyers. Profits Per Partner (PPP) is calculated by dividing net operating income by the number of equity partners. Compensation Average, All Partners is the net operating income plus compensation to nonequity partners, divided by the number of equity and nonequity partners. Value Per Lawyer (VPL) is calculated by dividing the Compensation Average, All Partners by the total number of lawyers. That number is then divided by $10 million to see how many lawyers it takes to generate that amount. Location of Firms Some firms are identified as international or national, rather than identifying them by city, according to the percentage of the firm s attorneys who work in various regions of the country and the percentage that work outside the United States. Those breakouts are obtained from the most recent National Law Journal NLJ 250 survey. If 40 percent or more of the firm s lawyers were located outside the U.S., the firm is identified as international. If no more than 45 percent of the firm s attorneys were located in any one region of the country, the firm is identified as national. 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 Survey rankings; and The Minority Law Journal' s Diversity Scorecard rankings. Rankings in each survey are converted into points, using an inversion calculation where a firm ranked Number One receives 200 points, and a firm ranked Number 200 receives just one point. 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 July issue of The American Lawyer.u ZGuide

8 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Wachtell, Lipton, Rosen & Katz 216 Lawyers, 81 Equity Partners, 0 Nonequity Partners, New York Quinn Emanuel Urquhart Oliver & Hedges 400 Lawyers, 78 Equity Partners, 26 Nonequity Partners, Los Angeles Boies, Schiller & Flexner 250 Lawyers, 32 Equity Partners, 68 Nonequity Partners, National Sullivan & Cromwell I 665 Lawyers, 170 Equity Partners, 0 Nonequity Partners, New York Paul, Weiss, Rifkind, Wharton & Garrison I 647 Lawyers, 114 Equity Partners, 0 Nonequity Partners, New York Cravath, Swaine & Moore 440 Lawyers, 90 Equity Partners, 0 Nonequity Partners, New York Simpson Thacher & Bartlett 801 Lawyers, 173 Equity Partners, 0 Nonequity Partners, New York Kirkland & Ellis I 1,333 Lawyers, 235 Equity Partners, 310 Nonequity Partners, National Cleary Gottlieb Steen & Hamilton I 993 Lawyers, 191 Equity Partners, 0 Nonequity Partners, International Schulte Roth & Zabel 434 Lawyers, 82 Equity Partners, 0 Nonequity Partners, New York Weil, Gotshal & Manges I 1,190 Lawyers, 184 Equity Partners, 128 Nonequity Partners, New York Debevoise & Plimpton I 631 Lawyers, 143 Equity Partners, 0 Nonequity Partners, New York Kasowitz, Benson, Torres & Friedman 267 Lawyers, 45 Equity Partners, 25 Nonequity Partners, New York Dechert 891 Lawyers, 152 Equity Partners, 108 Nonequity Partners, National Cahill Gordon & Reindel 265 Lawyers, 64 Equity Partners, 6 Nonequity Partners, New York Milbank, Tweed, Hadley & McCloy I 581 Lawyers, 122 Equity Partners, 23 Nonequity Partners, New York Willkie Farr & Gallagher 583 Lawyers, 133 Equity Partners, 0 Nonequity Partners, New York Skadden, Arps, Slate, Meagher & Flom 1,994 Lawyers, 440 Equity Partners, 0 Nonequity Partners, National Irell & Manella I 199 Lawyers, 74 Equity Partners, 0 Nonequity Partners, Los Angeles Davis Polk & Wardwell I 652 Lawyers, 167 Equity Partners, 0 Nonequity Partners, New York ZGuide

9 Firms noted with a star (I) are on The American Lawyer s A-List. (See the methodology on pages 2 and 3.) Firms ranked in The Am Law 200 are in bold. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $4,010,000 $530,000, $2,455,000 1 $4,010,000 $3,335,000 $442,000, $1,105, $2,690,000 $3,065,000 $295,000, $1,180,000 6 $1,360,000 $2,940,000 $985,000, $1,480,000 2 $2,940,000 $2,655,000 $692,000, $1,070, $2,655,000 $2,520,000 $532,500, $1,210,000 3 $2,520,000 $2,475,000 $904,000, $1,130, $2,475,000 $2,470,000 $1,400,000,000 7 $1,050, $1,330,000 $2,400,000 $965,000, $970, $2,400,000 $2,290,000 $420,000, $970, $2,290,000 $2,270,000 $1,231,000,000 9 $1,035, $1,770,000 $2,225,000 $761,000, $1,205,000 5 $2,225,000 $2,215,000 $221,000, $830, $1,605,000 $2,145,000 $816,000, $915, $1,485,000 $2,120,000 $247,000, $930, $2,025,000 $2,115,000 $621,500, $1,070, $2,035,000 $2,115,000 $583,500, $1,000, $2,115,000 $2,065,000 $2,200,000,000 1 $1,105, $2,065,000 $1,960,000 $231,000, $1,165,000 8 $1,960,000 $1,905,000 $789,000, $1,210,000 3 $1,905,000 ZGuide 5

10 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Paul, Hastings, Janofsky & Walker 1,062 Lawyers, 203 Equity Partners, 66 Nonequity Partners, National Cadwalader, Wickersham & Taft 523 Lawyers, 77 Equity Partners, 28 Nonequity Partners, New York Gibson, Dunn & Crutcher I 923 Lawyers, 274 Equity Partners, 18 Nonequity Partners, National Latham & Watkins I 2,102 Lawyers, 436 Equity Partners, 122 Nonequity Partners, National Shearman & Sterling 858 Lawyers, 182 Equity Partners, 20 Nonequity Partners, International White & Case 2,074 Lawyers, 305 Equity Partners, 100 Nonequity Partners, International Dewey & LeBoeuf 1 1,268 Lawyers, 200 Equity Partners, 150 Nonequity Partners, New York Kramer Levin Naftalis & Frankel 332 Lawyers, 60 Equity Partners, 39 Nonequity Partners, New York O'Melveny & Myers I 935 Lawyers, 224 Equity Partners, 21 Nonequity Partners, Los Angeles McDermott Will & Emery 1,055 Lawyers, 266 Equity Partners, 335 Nonequity Partners, National Loeb & Loeb 292 Lawyers, 53 Equity Partners, 95 Nonequity Partners, New York Morgan, Lewis & Bockius 1,363 Lawyers, 252 Equity Partners, 208 Nonequity Partners, National Sidley Austin 1,702 Lawyers, 332 Equity Partners, 310 Nonequity Partners, National Bingham McCutchen 808 Lawyers, 137 Equity Partners, 152 Nonequity Partners, National Goodwin Procter 805 Lawyers, 193 Equity Partners, 112 Nonequity Partners, Boston Akin Gump Strauss Hauer & Feld 807 Lawyers, 157 Equity Partners, 120 Nonequity Partners, National Jeffer, Mangels, Butler & Marmaro 156 Lawyers, 48 Equity Partners, 0 Nonequity Partners, Los Angeles Kaye Scholer 497 Lawyers, 135 Equity Partners, 10 Nonequity Partners, New York Wilson Sonsini Goodrich & Rosati 631 Lawyers, 125 Equity Partners, 41 Nonequity Partners, Palo Alto Ropes & Gray 819 Lawyers, 253 Equity Partners, 0 Nonequity Partners, Boston 6 ZGuide

11 1 Because of the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae in October 2007, there is no year-over-year comparison for the firm. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,900,000 $986,000, $930, $1,620,000 $1,885,000 $506,000, $965, $1,580,000 $1,875,000 $957,000, $1,035, $1,790,000 $1,805,000 $1,923,000,000 3 $915, $1,550,000 $1,665,000 $876,000, $1,020, $1,560,000 $1,590,000 $1,467,000,000 6 $705, $1,370,000 $1,550,000 $1,030,500, $815, $1,140,000 $1,540,000 $299,000, $900, $1,275,000 $1,535,000 $907,500, $970, $1,455,000 $1,520,000 $966,000, $915, $920,000 $1,465,000 $242,500, $830, $815,000 $1,450,000 $1,120,500, $820, $1,045,000 $1,430,000 $1,489,500,000 5 $875, $1,030,000 $1,420,000 $767,000, $950, $960,000 $1,415,000 $690,500, $860, $1,085,000 $1,405,000 $780,500, $965, $1,120,000 $1,400,000 $118,000, $755, $1,400,000 $1,385,000 $450,500, $905, $1,345,000 $1,385,000 $532,000, $845, $1,195,000 $1,375,000 $797,000, $975, $1,375,000 ZGuide 7

12 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Baker Botts 745 Lawyers, 199 Equity Partners, 71 Nonequity Partners, Houston Proskauer Rose 692 Lawyers, 162 Equity Partners, 28 Nonequity Partners, New York Hughes Hubbard & Reed I 267 Lawyers, 68 Equity Partners, 10 Nonequity Partners, New York Cooley Godward Kronish 645 Lawyers, 154 Equity Partners, 70 Nonequity Partners, Palo Alto Munger, Tolles & Olson I 177 Lawyers, 88 Equity Partners, 0 Nonequity Partners, Los Angeles Orrick, Herrington & Sutcliffe I 977 Lawyers, 173 Equity Partners, 160 Nonequity Partners, National Greenberg Traurig 1,734 Lawyers, 294 Equity Partners, 530 Nonequity Partners, National Vinson & Elkins 683 Lawyers, 189 Equity Partners, 89 Nonequity Partners, Houston Covington & Burling I 561 Lawyers, 181 Equity Partners, 0 Nonequity Partners, Washington, DC Howrey I 659 Lawyers, 138 Equity Partners, 148 Nonequity Partners, National DLA Piper US 2 1,380 Lawyers, 237 Equity Partners, 374 Nonequity Partners, National Winston & Strawn 867 Lawyers, 184 Equity Partners, 210 Nonequity Partners, National King & Spalding 805 Lawyers, 153 Equity Partners, 135 Nonequity Partners, Atlanta Fried, Frank, Harris, Shriver & Jacobson 569 Lawyers, 155 Equity Partners, 0 Nonequity Partners, New York Baker & McKenzie 3,626 Lawyers, 711 Equity Partners, 0 Nonequity Partners, International Sheppard, Mullin, Richter & Hampton 459 Lawyers, 76 Equity Partners, 110 Nonequity Partners, San Francisco Stroock & Stroock & Lavan 350 Lawyers, 102 Equity Partners, 0 Nonequity Partners, New York Herrick, Feinstein 171 Lawyers, 39 Equity Partners, 27 Nonequity Partners, New York Hogan & Hartson 1,107 Lawyers, 292 Equity Partners, 202 Nonequity Partners, National Choate, Hall & Stewart 162 Lawyers, 53 Equity Partners, 32 Nonequity Partners, Boston 8 ZGuide

13 2 DLA Piper is structured as a set of alliances, so the results are for the U.S. operation only. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,365,000 $613,500, $825, $1,125,000 $1,365,000 $634,000, $915, $1,250,000 $1,340,000 $252,000, $945, $1,250,000 $1,320,000 $552,000, $855, $1,085,000 $1,320,000 $207,000, $1,170,000 7 $1,320,000 $1,315,000 $835,000, $855, $985,000 $1,310,000 $1,204,000, $695, $725,000 $1,310,000 $590,500, $865, $1,035,000 $1,300,000 $531,000, $945, $1,300,000 $1,300,000 $573,000, $870, $875,000 $1,295,000 $1,178,000, $855, $800,000 $1,285,000 $745,000, $860, $880,000 $1,235,000 $652,000, $810, $850,000 $1,230,000 $488,500, $860, $1,230,000 $1,205,000 $2,188,000,000 2 $605, $1,205,000 $1,200,000 $352,000, $765, $805,000 $1,185,000 $277,000, $790, $1,185,000 $1,165,000 $144,500, $850, $890,000 $1,165,000 $922,500, $835, $870,000 $1,150,000 $152,000, $940, $890,000 ZGuide 9

14 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Fish & Richardson 447 Lawyers, 103 Equity Partners, 68 Nonequity Partners, National Chadbourne & Parke 401 Lawyers, 78 Equity Partners, 38 Nonequity Partners, New York Finnegan, Henderson, Farabow, Garrett & Dunner 348 Lawyers, 103 Equity Partners, 37 Nonequity Partners, Washington, DC Katten Muchin Rosenman 608 Lawyers, 143 Equity Partners, 165 Nonequity Partners, Chicago Mayer Brown 1,801 Lawyers, 324 Equity Partners, 330 Nonequity Partners, International Morrison & Foerster I 1,040 Lawyers, 247 Equity Partners, 94 Nonequity Partners, San Francisco Patterson Belknap Webb & Tyler 158 Lawyers, 56 Equity Partners, 0 Nonequity Partners, New York Williams & Connolly 228 Lawyers, 102 Equity Partners, 0 Nonequity Partners, Washington, DC Wilmer Cutler Pickering Hale and Dorr I 930 Lawyers, 329 Equity Partners, 0 Nonequity Partners, National Robins, Kaplan, Miller & Ciresi 239 Lawyers, 86 Equity Partners, 11 Nonequity Partners, Minneapolis Curtis, Mallet-Prevost, Colt & Mosle 220 Lawyers, 29 Equity Partners, 31 Nonequity Partners, New York McKee Nelson 173 Lawyers, 64 Equity Partners, 0 Nonequity Partners, New York Kelley Drye & Warren 315 Lawyers, 65 Equity Partners, 65 Nonequity Partners, New York Crowell & Moring 399 Lawyers, 87 Equity Partners, 66 Nonequity Partners, Washington, DC Dickstein Shapiro 379 Lawyers, 82 Equity Partners, 77 Nonequity Partners, Washington, DC Pillsbury Winthrop Shaw Pittman 716 Lawyers, 176 Equity Partners, 145 Nonequity Partners, National Locke Lord Bissell & Liddell Lawyers, 136 Equity Partners, 165 Nonequity Partners, Dallas Shook, Hardy & Bacon 482 Lawyers, 106 Equity Partners, 87 Nonequity Partners, Kansas City, MO Wiley Rein 284 Lawyers, 63 Equity Partners, 59 Nonequity Partners, Washington, DC Lowenstein Sandler 245 Lawyers, 69 Equity Partners, 23 Nonequity Partners, Roseland, NJ 10 ZGuide

15 3 Because of the merger of Locke Liddell & Sapp and Lord, Bissell & Brook in October 2007, there is no year-over-year comparison for the firm. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $1,145,000 $398,500, $890, $850,000 $1,125,000 $286,000, $715, $905,000 $1,120,000 $359,000, $1,035, $945,000 $1,110,000 $456,000, $750, $725,000 $1,110,000 $1,294,000,000 8 $720, $725,000 $1,100,000 $911,000, $875, $940,000 $1,100,000 $147,500, $935, $1,100,000 $1,080,000 $266,000, $1,165,000 8 $1,080,000 $1,080,000 $955,000, $1,025, $1,080,000 $1,045,000 $195,000, $815, $1,000,000 $1,025,000 $125,000, $570, $680,000 $1,020,000 $160,000, $925, $1,020,000 $1,015,000 $233,000, $740, $685,000 $1,000,000 $296,000, $740, $745,000 $985,000 $312,000, $825, $745,000 $975,000 $576,000, $805, $750,000 $955,000 $401,000, $730, $645,000 $950,000 $330,500, $685, $680,000 $950,000 $198,000, $695, $910,000 $945,000 $179,000, $730, $800,000 ZGuide 11

16 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Reed Smith 1,484 Lawyers, 303 Equity Partners, 383 Nonequity Partners, National Manatt, Phelps & Phillips 360 Lawyers, 57 Equity Partners, 131 Nonequity Partners, Los Angeles Alston & Bird 777 Lawyers, 151 Equity Partners, 156 Nonequity Partners, Atlanta Fragomen, Del Rey, Bernsen & Loewy 280 Lawyers, 54 Equity Partners, 0 Nonequity Partners, National Arnold & Porter I 594 Lawyers, 205 Equity Partners, 0 Nonequity Partners, Washington, DC Andrews Kurth 362 Lawyers, 87 Equity Partners, 95 Nonequity Partners, Houston Steptoe & Johnson 421 Lawyers, 151 Equity Partners, 0 Nonequity Partners, Washington, DC Foley & Lardner 934 Lawyers, 224 Equity Partners, 253 Nonequity Partners, Milwaukee Stevens & Lee 163 Lawyers, 72 Equity Partners, 37 Nonequity Partners, Reading, PA Bracewell & Giuliani 423 Lawyers, 117 Equity Partners, 84 Nonequity Partners, Houston Fulbright & Jaworski 916 Lawyers, 335 Equity Partners, 25 Nonequity Partners, Houston K&L Gates 4 1,552 Lawyers, 284 Equity Partners, 495 Nonequity Partners, National Brown Rudnick Berlack Israels 202 Lawyers, 49 Equity Partners, 41 Nonequity Partners, Boston Thompson & Knight 396 Lawyers, 99 Equity Partners, 74 Nonequity Partners, Dallas Foley Hoag 219 Lawyers, 59 Equity Partners, 31 Nonequity Partners, Boston Chapman and Cutler 207 Lawyers, 79 Equity Partners, 34 Nonequity Partners, Chicago Jenner & Block 437 Lawyers, 154 Equity Partners, 61 Nonequity Partners, Chicago Mintz, Levin, Cohn, Ferris, Glovsky and Popeo 412 Lawyers, 71 Equity Partners, 134 Nonequity Partners, Boston Morris, Manning & Martin 154 Lawyers, 41 Equity Partners, 33 Nonequity Partners, Atlanta Sills Cummis & Gross 160 Lawyers, 39 Equity Partners, 22 Nonequity Partners, Newark 12 ZGuide

17 4 Firm changed its name to K&L Gates from Kirkpatrick Lockhart Preston Gates & Ellis in July Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $940,000 $979,500, $660, $615,000 $925,000 $264,500, $735, $535,000 $915,000 $552,500, $710, $690,000 $915,000 $257,000, $920, $915,000 $910,000 $513,000, $865, $910,000 $905,000 $266,000, $735, $660,000 $905,000 $356,500, $845, $905,000 $880,000 $731,000, $785, $635,000 $865,000 $109,500, $675, $685,000 $860,000 $275,500, $650, $680,000 $860,000 $694,500, $760, $840,000 $855,000 $959,500, $620, $535,000 $845,000 $143,500, $710, $645,000 $845,000 $233,500, $590, $645,000 $840,000 $154,000, $705, $675,000 $835,000 $140,500, $680, $670,000 $835,000 $347,000, $795, $720,000 $835,000 $280,000, $680, $565,000 $835,000 $99,000, $645, $685,000 $835,000 $103,500, $645, $705,000 ZGuide 13

18 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Kenyon & Kenyon 164 Lawyers, 46 Equity Partners, 8 Nonequity Partners, New York Sutherland Asbill & Brennan 390 Lawyers, 109 Equity Partners, 64 Nonequity Partners, Atlanta Hunton & Williams 960 Lawyers, 277 Equity Partners, 123 Nonequity Partners, Richmond Jones Day 2,348 Lawyers, 772 Equity Partners, 0 Nonequity Partners, National Patton Boggs 518 Lawyers, 119 Equity Partners, 111 Nonequity Partners, Washington, DC Fenwick & West 271 Lawyers, 92 Equity Partners, 0 Nonequity Partners, Mountain View, CA Moore & Van Allen 286 Lawyers, 75 Equity Partners, 71 Nonequity Partners, Charlotte Perkins Coie 648 Lawyers, 131 Equity Partners, 179 Nonequity Partners, Seattle Sonnenschein Nath & Rosenthal 608 Lawyers, 132 Equity Partners, 167 Nonequity Partners, National Arent Fox 322 Lawyers, 98 Equity Partners, 62 Nonequity Partners, Washington, DC Gardere Wynne Sewell 256 Lawyers, 82 Equity Partners, 65 Nonequity Partners, Dallas Gordon & Rees 326 Lawyers, 25 Equity Partners, 122 Nonequity Partners, San Francisco Squire, Sanders & Dempsey 865 Lawyers, 160 Equity Partners, 130 Nonequity Partners, National Fitzpatrick, Cella, Harper & Scinto 138 Lawyers, 53 Equity Partners, 0 Nonequity Partners, New York Wilson Elser Moskowitz Edelman & Dicker 754 Lawyers, 141 Equity Partners, 140 Nonequity Partners, National McKenna Long & Aldridge 428 Lawyers, 90 Equity Partners, 112 Nonequity Partners, National Allen Matkins Leck Gamble Mallory & Natsis 221 Lawyers, 111 Equity Partners, 10 Nonequity Partners, Los Angeles Vedder Price 261 Lawyers, 119 Equity Partners, 27 Nonequity Partners, Chicago Venable 520 Lawyers, 152 Equity Partners, 118 Nonequity Partners, National Haynes and Boone 461 Lawyers, 139 Equity Partners, 66 Nonequity Partners, Dallas 14 ZGuide

19 Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $830,000 $138,000, $840, $765,000 $830,000 $289,000, $740, $675,000 $825,000 $668,000, $695, $705,000 $810,000 $1,540,000,000 4 $655, $810,000 $810,000 $348,500, $675, $635,000 $805,000 $196,000, $725, $805,000 $805,000 $164,500, $575, $550,000 $805,000 $424,000, $655, $565,000 $805,000 $492,000, $810, $565,000 $800,000 $222,500, $690, $615,000 $785,000 $169,500, $660, $595,000 $785,000 $156,500, $480, $335,000 $785,000 $579,500, $670, $595,000 $780,000 $111,000, $805, $780,000 $780,000 $270,500, $360, $495,000 $775,000 $264,000, $615, $520,000 $770,000 $165,000, $745, $745,000 $770,000 $181,000, $695, $695,000 $770,000 $349,000, $670, $570,000 $765,000 $288,000, $625, $650,000 ZGuide 15

20 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location McGuireWoods 801 Lawyers, 192 Equity Partners, 212 Nonequity Partners, Richmond Dow Lohnes 160 Lawyers, 48 Equity Partners, 18 Nonequity Partners, Washington, DC Schiff Hardin 333 Lawyers, 108 Equity Partners, 84 Nonequity Partners, Chicago Sullivan & Worcester 156 Lawyers, 43 Equity Partners, 31 Nonequity Partners, Boston Seyfarth Shaw 739 Lawyers, 211 Equity Partners, 140 Nonequity Partners, National Carlton Fields 265 Lawyers, 58 Equity Partners, 95 Nonequity Partners, Tampa Pepper Hamilton 481 Lawyers, 145 Equity Partners, 65 Nonequity Partners, Philadelphia Duane Morris 578 Lawyers, 120 Equity Partners, 191 Nonequity Partners, National Snell & Wilmer 414 Lawyers, 75 Equity Partners, 118 Nonequity Partners, Phoenix Brownstein Hyatt Farber Schreck 220 Lawyers, 66 Equity Partners, 47 Nonequity Partners, Denver Gibbons 203 Lawyers, 39 Equity Partners, 56 Nonequity Partners, Newark Kilpatrick Stockton 445 Lawyers, 105 Equity Partners, 110 Nonequity Partners, Atlanta Townsend and Townsend and Crew 219 Lawyers, 63 Equity Partners, 27 Nonequity Partners, San Francisco Sedgwick, Detert, Moran & Arnold 373 Lawyers, 63 Equity Partners, 57 Nonequity Partners, San Francisco Holland & Knight 1,030 Lawyers, 195 Equity Partners, 395 Nonequity Partners, National Bryan Cave 861 Lawyers, 182 Equity Partners, 155 Nonequity Partners, St. Louis Dorsey & Whitney 584 Lawyers, 199 Equity Partners, 64 Nonequity Partners, Minneapolis Jackson Walker 308 Lawyers, 94 Equity Partners, 96 Nonequity Partners, Dallas Bell, Boyd & Lloyd Lawyers, 56 Equity Partners, 82 Nonequity Partners, Chicago Nixon Peabody 654 Lawyers, 187 Equity Partners, 138 Nonequity Partners, National 16 ZGuide

21 5 Bell, Boyd & Lloyd merged with K&L Gates in March Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $755,000 $477,000, $595, $520,000 $750,000 $106,000, $665, $650,000 $750,000 $231,000, $695, $590,000 $750,000 $105,000, $670, $590,000 $740,000 $467,000, $630, $565,000 $730,000 $145,500, $550, $475,000 $730,000 $331,500, $690, $610,000 $725,000 $368,000, $635, $500,000 $720,000 $235,000, $570, $525,000 $710,000 $128,500, $585, $550,000 $710,000 $112,500, $555, $455,000 $705,000 $276,000, $620, $520,000 $705,000 $164,500, $755, $590,000 $690,000 $197,500, $530, $500,000 $680,000 $606,000, $590, $430,000 $660,000 $502,500, $585, $525,000 $660,000 $367,000, $630, $585,000 $660,000 $172,000, $560, $470,000 $650,000 $129,000, $615, $430,000 $650,000 $457,500, $700, $525,000 ZGuide 17

22 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location McCarter & English 395 Lawyers, 96 Equity Partners, 88 Nonequity Partners, Newark Winstead 272 Lawyers, 86 Equity Partners, 67 Nonequity Partners, Dallas Goulston & Storrs 173 Lawyers, 97 Equity Partners, 0 Nonequity Partners, Boston Edwards Angell Palmer & Dodge 554 Lawyers, 109 Equity Partners, 119 Nonequity Partners, Boston Epstein Becker & Green 347 Lawyers, 74 Equity Partners, 83 Nonequity Partners, National Drinker Biddle & Reath 619 Lawyers, 195 Equity Partners, 71 Nonequity Partners, Philadelphia Day Pitney 385 Lawyers, 138 Equity Partners, 22 Nonequity Partners, Hartford Honigman Miller Schwartz and Cohn 213 Lawyers, 126 Equity Partners, 40 Nonequity Partners, Detroit Blank Rome 512 Lawyers, 160 Equity Partners, 110 Nonequity Partners, Philadelphia Troutman Sanders 620 Lawyers, 174 Equity Partners, 127 Nonequity Partners, Atlanta Womble Carlyle Sandridge & Rice 505 Lawyers, 157 Equity Partners, 123 Nonequity Partners, Winston-Salem Barnes & Thornburg 399 Lawyers, 185 Equity Partners, 53 Nonequity Partners, Indianapolis Buchanan Ingersoll & Rooney 483 Lawyers, 109 Equity Partners, 95 Nonequity Partners, Pittsburgh Baker & Hostetler 584 Lawyers, 146 Equity Partners, 159 Nonequity Partners, National Husch Blackwell Sanders Lawyers, 191 Equity Partners, 160 Nonequity Partners, Kansas City, MO Cozen O'Connor 457 Lawyers, 120 Equity Partners, 111 Nonequity Partners, Philadelphia Faegre & Benson 507 Lawyers, 243 Equity Partners, 0 Nonequity Partners, Minneapolis Fox Rothschild 397 Lawyers, 109 Equity Partners, 72 Nonequity Partners, Philadelphia Hinshaw & Culbertson 462 Lawyers, 95 Equity Partners, 194 Nonequity Partners, Chicago Williams Mullen 297 Lawyers, 94 Equity Partners, 25 Nonequity Partners, Richmond 18 ZGuide

23 6 Because of the merger of Blackwell Sanders and Husch & Eppenberger in February 2008, there is no year-over-year comparison for the firm. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $645,000 $218,000, $550, $400,000 $635,000 $144,500, $530, $445,000 $620,000 $126,000, $730, $620,000 $610,000 $315,000, $570, $400,000 $610,000 $194,000, $560, $425,000 $605,000 $382,000, $615, $520,000 $595,000 $216,000, $560, $515,000 $595,000 $145,000, $685, $510,000 $590,000 $312,000, $610, $475,000 $590,000 $350,500, $565, $445,000 $585,000 $279,000, $550, $460,000 $580,000 $212,500, $535, $510,000 $565,000 $273,000, $565, $430,000 $560,000 $319,000, $545, $440,000 $560,000 $302,000, $500, $415,000 $545,000 $237,000, $520, $400,000 $535,000 $312,500, $615, $535,000 $535,000 $203,000, $510, $430,000 $535,000 $192,000, $415, $315,000 $535,000 $150,000, $505, $480,000 ZGuide 19

24 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner 7 Bradley Arant Rose & White merged with Boult, Cummings, Conners & Berry in January 2009 to form Bradley Arant Boult Cummings. The 2008 ranking is for Bradley Arant. PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Lewis Brisbois Bisgaard & Smith 651 Lawyers, 68 Equity Partners, 256 Nonequity Partners, Los Angeles Ice Miller 258 Lawyers, 110 Equity Partners, 7 Nonequity Partners, Indianapolis Jackson Lewis 474 Lawyers, 167 Equity Partners, 59 Nonequity Partners, National Knobbe, Martens, Olson & Bear 199 Lawyers, 100 Equity Partners, 6 Nonequity Partners, Irvine, CA Luce, Forward, Hamilton & Scripps 186 Lawyers, 59 Equity Partners, 33 Nonequity Partners, San Diego Michael Best & Friedrich 216 Lawyers, 89 Equity Partners, 61 Nonequity Partners, Milwaukee Thompson Hine 394 Lawyers, 117 Equity Partners, 71 Nonequity Partners, Cleveland Akerman Senterfitt 468 Lawyers, 198 Equity Partners, 37 Nonequity Partners, Miami Robinson & Cole 210 Lawyers, 74 Equity Partners, 16 Nonequity Partners, Hartford Bradley Arant Boult Cummings Lawyers, 138 Equity Partners, 20 Nonequity Partners, Birmingham Stinson Morrison Hecker Lawyers, 134 Equity Partners, 60 Nonequity Partners, Kansas City, MO Thompson Coburn 330 Lawyers, 139 Equity Partners, 42 Nonequity Partners, St. Louis Polsinelli Shughart Lawyers, 58 Equity Partners, 84 Nonequity Partners, Kansas City, MO Dykema Gossett 345 Lawyers, 106 Equity Partners, 103 Nonequity Partners, Detroit Lewis and Roca 207 Lawyers, 101 Equity Partners, 7 Nonequity Partners, Phoenix Dickinson Wright 214 Lawyers, 88 Equity Partners, 43 Nonequity Partners, Detroit Nelson Mullins Riley & Scarborough 391 Lawyers, 147 Equity Partners, 70 Nonequity Partners, Columbia, SC Porter Wright Morris & Arthur 251 Lawyers, 91 Equity Partners, 44 Nonequity Partners, Columbus Davis Wright Tremaine 475 Lawyers, 206 Equity Partners, 75 Nonequity Partners, Seattle Littler Mendelson 731 Lawyers, 280 Equity Partners, 87 Nonequity Partners, National 20 ZGuide

25 8 Stinson Morrison Hecker s figures are based on calendar year 2008 because its fiscal year ended April 30, 2009, which was past the reporting deadline. 9 Polsinelli Shalton Flanigan Suelthaus merged with Shughart Thomson & Kilroy in February 2009 to form Polsinelli Shughart. The 2008 ranking is for Polsinelli Shalton. Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $530,000 $212,500, $325, $310,000 $525,000 $126,000, $485, $505,000 $515,000 $233,000, $490, $450,000 $510,000 $138,000, $695, $500,000 $505,000 $106,500, $570, $420,000 $505,000 $119,500, $555, $380,000 $500,000 $196,500, $500, $420,000 $470,000 $254,000, $540, $465,000 $470,000 $109,000, $520, $435,000 $465,000 $123,500, $495, $450,000 $465,000 $157,000, $515, $385,000 $465,000 $161,000, $490, $410,000 $455,000 $113,500, $385, $330,000 $450,000 $170,000, $490, $345,000 $450,000 $105,000, $505, $435,000 $445,000 $100,500, $470, $365,000 $445,000 $189,000, $485, $385,000 $440,000 $121,500, $485, $345,000 $435,000 $255,000, $535, $410,000 $435,000 $354,000, $485, $380,000 ZGuide 21

26 The Am Law 200 The Largest Firms in the U.S., Ranked By Profits Per Partner PPP Rank 2009 PPP Rank 2008 Firm Lawyers, Partners, Location Stoel Rives 339 Lawyers, 141 Equity Partners, 59 Nonequity Partners, Portland, OR Baker, Donelson, Bearman, Caldwell & Berkowitz 513 Lawyers, 169 Equity Partners, 86 Nonequity Partners, Memphis Ogletree, Deakins, Nash, Smoak & Stewart 411 Lawyers, 131 Equity Partners, 89 Nonequity Partners, Greenville, SC Powell Goldstein Lawyers, 54 Equity Partners, 47 Nonequity Partners, Atlanta Baker & Daniels 283 Lawyers, 110 Equity Partners, 40 Nonequity Partners, Indianapolis Vorys, Sater, Seymour and Pease 350 Lawyers, 168 Equity Partners, 0 Nonequity Partners, Columbus Ballard Spahr Andrews & Ingersoll 515 Lawyers, 175 Equity Partners, 52 Nonequity Partners, Philadelphia Miller, Canfield, Paddock and Stone 352 Lawyers, 119 Equity Partners, 46 Nonequity Partners, Detroit WolfBlock Lawyers, 56 Equity Partners, 97 Nonequity Partners, Philadelphia Frost Brown Todd 331 Lawyers, 135 Equity Partners, 37 Nonequity Partners, Cincinnati 190 GrayRobinson 215 Lawyers, 108 Equity Partners, 13 Nonequity Partners, Orlando Kutak Rock 391 Lawyers, 168 Equity Partners, 59 Nonequity Partners, Omaha Quarles & Brady 414 Lawyers, 182 Equity Partners, 50 Nonequity Partners, Milwaukee Adams and Reese 233 Lawyers, 89 Equity Partners, 56 Nonequity Partners, New Orleans Dinsmore & Shohl 332 Lawyers, 114 Equity Partners, 67 Nonequity Partners, Cincinnati Holland & Hart 385 Lawyers, 182 Equity Partners, 0 Nonequity Partners, Denver Lathrop & Gage 276 Lawyers, 90 Equity Partners, 51 Nonequity Partners, Kansas City, MO Saul Ewing 228 Lawyers, 79 Equity Partners, 52 Nonequity Partners, Philadelphia Holme Roberts & Owen 211 Lawyers, 99 Equity Partners, 15 Nonequity Partners, Denver Thacher Proffitt & Wood Lawyers, 58 Equity Partners, 0 Nonequity Partners, New York 22 ZGuide

27 10 Powell Goldstein merged with Bryan Cave in January WolfBlock dissolved in March Thacher Proffitt & Wood dissolved in January Profits Per Equity Partner Gross Revenue Am Law 200 Rank Revenue Per Lawyer RPL Rank Compensation Average, All Partners $435,000 $183,500, $540, $385,000 $430,000 $235,000, $460, $360,000 $430,000 $192,000, $465, $360,000 $430,000 $118,000, $575, $345,000 $420,000 $132,500, $470, $375,000 $420,000 $155,000, $445, $420,000 $415,000 $283,000, $550, $410,000 $410,000 $146,000, $415, $360,000 $410,000 $159,500, $550, $320,000 $405,000 $142,000, $430, $360,000 $405,000 $99,000, $460, $395,000 $405,000 $162,000, $415, $355,000 $395,000 $213,500, $515, $370,000 $390,000 $103,000, $440, $320,000 $385,000 $133,000, $400, $320,000 $385,000 $180,500, $470, $385,000 $380,000 $115,000, $415, $330,000 $380,000 $120,000, $525, $355,000 $375,000 $115,500, $545, $400,000 $200,000 $121,500, $625, $200,000 ZGuide 23

28 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 1 Wachtell $1,505, Sullivan & Cromwell I $750, Irell & Manella I $730, Quinn Emanuel $700, Munger, Tolles I $660, Gibson, Dunn I $570, Boies, Schiller $545, Kirkland & Ellis I $545, Cahill Gordon $535, Simpson Thacher $535, McDermott Will $525, Cravath $515, Milbank, Tweed I $510, Debevoise & Plimpton I $505, Davis Polk I $490, Williams & Connolly $485, Willkie Farr $480, Paul, Weiss I $470, Choate, Hall $465, Weil, Gotshal I $465, ZGuide

29 Firms noted with a star (I) are on The American Lawyer s A-List. (See the methodology on pages 2 and 3.) Firms ranked 101 to 200 in The Am Law 200 are in bold. See footnotes on the chart ranking firms by Profits Per Equity Partner for information about changes in firms status in 2008/ VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 21 Cleary Gottlieb I $460, Stevens & Lee $460, Skadden $455, Dechert $435, Schulte Roth $435, Jeffer, Mangels $430, Ropes & Gray $425, Covington & Burling I $420, Kasowitz, Benson $420, Vinson & Elkins $420, Loeb & Loeb $415, Goodwin Procter $410, Latham & Watkins I $410, Paul, Hastings $410, Allen Matkins $405, Baker Botts $405, Robins, Kaplan $405, Honigman Miller $400, Winston & Strawn $400, Kaye Scholer $395, ZGuide 25

30 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 41 Hogan & Hartson $390, Patterson Belknap $390, Sidley Austin $390, Vedder Price $390, Wiley Rein $390, Akin Gump $385, Finnegan, Henderson $380, Howrey I $380, Kramer Levin $380, McKee Nelson $380, O'Melveny & Myers I $380, Wilmer I $380, Cooley Godward $375, Katten Muchin $370, Chapman and Cutler $365, Hughes Hubbard I $365, Shearman & Sterling $365, DLA Piper US $355, Locke Lord $355, Morgan, Lewis $355, Jenner & Block $350, ZGuide

31 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 62 Bingham McCutchen $345, Goulston & Storrs $345, Greenberg Traurig $345, Herrick, Feinstein $345, Proskauer Rose $345, Stroock & Stroock $345, Gardere Wynne $340, Schiff Hardin $340, Andrews Kurth $335, Fried, Frank $335, Orrick I $335, Pillsbury Winthrop $335, Fulbright & Jaworski $330, Bracewell & Giuliani $325, Fish & Richardson $325, Foley & Lardner $325, Morris, Manning $325, Sheppard, Mullin $325, Steptoe & Johnson $325, Arnold & Porter I $315, Cadwalader $315, ZGuide 27

32 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 81 Dewey & LeBoeuf $315, Dickstein Shapiro $315, Wilson Sonsini $315, Morrison & Foerster I $310, Arent Fox $305, Barnes & Thornburg $305, King & Spalding $305, Fitzpatrick, Cella $300, Lowenstein Sandler $300, Sutherland Asbill $300, Hunton & Williams $295, Venable $295, Haynes and Boone $290, Jackson Walker $290, Bell, Boyd $285, Bradley Arant $285, Brown Rudnick $285, Brownstein Hyatt $285, Crowell & Moring $285, Patton Boggs $285, ZGuide

33 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 97 Reed Smith $285, Foley Hoag $280, Kelley Drye $280, Manatt, Phelps $280, Mintz, Levin $280, Moore & Van Allen $280, Sullivan & Worcester $280, Thompson & Knight $280, Carlton Fields $275, Fenwick & West $275, Sonnenschein $275, Alston & Bird $270, Dow Lohnes $270, Duane Morris $270, K&L Gates $270, Perkins Coie $270, Seyfarth Shaw $270, Shook, Hardy $270, Sills Cummis $270, White & Case $270, ZGuide 29

34 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 123 Dorsey & Whitney $265, Jones Day $265, Knobbe, Martens $265, Mayer Brown $265, Michael Best $265, Pepper Hamilton $265, Chadbourne & Parke $260, McGuireWoods $260, Nixon Peabody $260, Faegre & Benson $255, Womble Carlyle $255, Blank Rome $250, Holland & Knight $250, Kenyon & Kenyon $250, Kilpatrick Stockton $250, Winstead $250, Davis Wright $245, McKenna Long $245, Snell & Wilmer $245, Stinson Morrison $245, ZGuide

35 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 143 Husch Blackwell $240, Townsend and Townsend $240, Akerman Senterfitt $235, Baker & McKenzie $235, Baker & Hostetler $230, Ice Miller $230, Lewis and Roca $230, Dickinson Wright $225, Drinker Biddle $225, Stoel Rives $225, Thompson Coburn $225, GrayRobinson $220, Day Pitney $215, Gibbons $215, Holme Roberts $215, Jackson Lewis $215, Nelson Mullins $215, Troutman Sanders $215, Dykema Gossett $210, Quarles & Brady $210, ZGuide 31

36 Value Per Lawyer The Am Law 200, Ranked By Value Per Lawyer 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 163 Bryan Cave $205, Kutak Rock $205, Luce, Forward $205, Adams and Reese $200, Baker & Daniels $200, Cozen O'Connor $200, Saul Ewing $200, Squire, Sanders $200, Thompson Hine $200, Vorys, Sater $200, Fox Rothschild $195, Hinshaw & Culbertson $195, Epstein Becker $190, Littler Mendelson $190, Ogletree, Deakins $190, Williams Mullen $190, Curtis, Mallet-Prevost $185, Frost Brown $185, McCarter & English $185, ZGuide

37 2009 VPL Rank Firm VPL: Partner Comp/ Number of Lawyers, FY 2008 Lawyers Needed to Generate $10 Million 179 Porter Wright $185, Robinson & Cole $185, Wilson Elser $185, Baker, Donelson $180, Ballard Spahr $180, Buchanan Ingersoll $180, Holland & Hart $180, Dinsmore & Shohl $175, Fragomen, Del Rey $175, Miller, Canfield $170, Powell Goldstein $170, WolfBlock $170, Edwards Angell $165, Lathrop & Gage $165, Polsinelli Shughart $160, Sedgwick, Detert $160, Lewis Brisbois $155, Gordon & Rees $150, Thacher Proffitt $60, ZGuide 33

38 The Global 2009 Am 100Law 100 Forward Looking Strategies: Tough Medicine and Elixirs for Success Zeughauser Group, LLC 2009 The 2009 Am Law 100 rankings released by The American Lawyer showed that the average profits per equity partner of the 100 top-grossing law firms in the United States declined 4.3% in It is clear that 2008 brought to an end, at least temporarily, what The American Lawyer called the Law Firm Golden Age, the five-year period from 2003 through 2007 that saw historic percentage increases in both revenue per lawyer (RPL) and profits per equity partner (PPEP). While we expect that 2009 will be another grim year for most of the Am Law 100 firms, and that further cost-cutting seems inevitable, in contrast with many industry pundits we believe that when the economy rebounds, the firms that have adapted to the changing landscape by implementing forward-looking strategies will lead the market to new highs in both RPL and PPEP. We are pleased to offer you our analysis of what the legal profession s 2008 results portend for 2009, including our view of best practices leading firms should implement to emerge stronger and more competitive when the economy rebounds Marked a Reversal in Profitability Growth Trends The 2008 Am Law 100 financial results confirmed that many of the firms with a significant New York-based capital markets practice (which had enjoyed the strongest growth in RPL and PPEP during the five years ending with 2007) had a weak year, while firms with a litigation focus, as well as many regional firms that offer services at lower fees and are less dependent on the flow of capital markets transactions, fared better. 34 ZGuide