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How Not to Get What You Have Always Gotten
“If you do what you have always done, you'll get what you've always gotten!”
That very famous quote from author and motivational speaker Anthony Robbins describes in a sentence the results of the 2011 Am Law 100 and 200 reports, with respect to profitability, that were released this summer.
For the first time in three years the reports showed positive results. Overall, revenue rose by 3.5% and profit per equity partner (“PEP”) increased by more than 8%. Revenue per lawyer (“RPL”) rose by 4.4%, accompanied by a decline in the overall number of attorneys employed in the Am Law 200 firms. The number of equity partners declined by 0.9%, while non-equity partners' ranks declined by almost double that amount (1.7%). Associates were the hardest hit as their numbers declined by 2.7% in 2010. These declines followed similar reductions in each staff category in the 2009 calendar year.
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