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Litigation work boosts firm revenue
While the economy shrank in 2008, Washington's top law firms managed to make more money than they did the year before.
The New Lawyer
WHILE the economy shrank in 2008, Washington’s top law firms managed to make more money than they did the year before. But the picture is still not pretty, and 2009 is looking bad, US magazine The National Law Journal reports.
The newly released annual rankings of the top-grossing law firms in Washington shows that firms fared well compared to elsewhere in the country.
But the former “up” is the new “flat”, and while profits were stable in Washington, elsewhere the AM Law 100 dropped 4.3 per cent.
Government gets a big share of the credit for Washington work, but litigation also helped boost bottom lines, and overall gross revenue for the top 25 grew by 4.8 per cent.
