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Richest Firms Pulled Ahead in 2016 as Some Regions Struggled
The top performing law firms continued to pull away from the rest of the Am Law 200 last year, according to a report released on January 23 by Wells Fargo Private Bank's Legal Specialty Group. Meanwhile certain regions, including the mid-Atlantic states, struggled to achieve even modest revenue growth.
Law firms in the top half of the Am Law 100 saw revenues rise an average of 5%, the report said. The whole of the Am Law 100, a list of the top 100 grossing law firms, saw revenues rise almost 4%, while firms in the Second Hundred, which includes the 101st through 200th grossing firms, grew 1% in 2016.
Firms that have shed their underperforming partners and are able to hire stronger lawyers are outperforming the rest, according to Jeff Grossman, senior director of banking for Wells Fargo Private Bank.
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