The Top Law Firms of 2022: A Detailed Breakdown

The Top Law Firms of 2022: A Detailed Breakdown

A new law firm rankings list has been released, but how much can we trust these reports? Here’s an in-depth breakdown of the methodology and reasoning behind the rankings, along with some surprising data points that suggest not all rankings should be taken at face value.

How the rankings were determined

The top law firms for the year 2022 are determined by several criteria, and below is a breakdown of these.

1) Revenues and Profits – The ranking is based on two factors: the size of the firm in terms of revenue per lawyer (less than $600,000; more than $600,000) and the average net profit per partner.

2) Number Of Partners – This was ranked from 1 to 5 with 1 being less than 10 partners.

3) Brand Value – These rankings were determined by the number that each law firm listed on last year’s Vault 100 list for those who responded to their survey, providing a measure of brand strength without being limited to one factor such as revenues or profits.

How to use these results in your career planning

Wondering what the top law firms of tomorrow will look like? Here’s a detailed breakdown. Don’t just take it from me, though. Consult these rankings for yourself, and plan accordingly.

I took a look at what we can learn from these rankings, and I found several themes. First off, it’s clear that these rankings offer more than just a snapshot of today’s law firms. Instead, they provide valuable information for anyone trying to understand how their career can evolve.

If you want to work at top law firms in 5-10 years, start learning about those firms now. You’ll need to develop relevant skills and earn recognition from attorneys at those firms (and others) so that you’re considered for these types of positions when they become available in your chosen market or region.

What to expect over the next 5 years

What’s more, these gains don’t seem like they’re going to be slowing down anytime soon. For example, at least 36 firms were still on the list from 2018 as opposed to 10 law firms that leaped in just two years.

This means even more law firms will most likely make the move up over the next few years, reaching out and grabbing ahold of those coveted spots that some people may not have expected them to get as quickly as they did. And this is an incredible feat considering how many firms are around today!

The other way to take a look at where things are going is by looking at statistics. And some pretty telling ones have been released over in 2018. For example,

law firms as a whole saw an average of a 6.1% increase in revenue while they saw their profits jump even higher, coming in with a massive 10.4% on average. With these kinds of numbers, it’s not hard to imagine that we’re going to be seeing further growth over the next five years or so—and it should be interesting to see which firms come out on top then!

Is there anything else I can do?

These are the leading firms on a global level

  1. Slaughter and May
  2. Wachtell, Lipton, Rosen & Katz
  3. Allen & Overy 4. Baker McKenzie
  4. Skadden, Arps, Slate, Meagher & Flom
  5. Freshfields Bruckhaus Deringer LLP
  6. Kirkland & Ellis
  7. Linklaters LLP 9. DLA Piper

What drives success at a firm?

Earning a spot on the top 100 law firms list, means you are no doubt an elite firm. However, ranking high is not enough to be considered a frontrunner. The number one ranking law firm was Perkins Coie, with Proskauer, Shearman & Sterling rounding out the top three positions.

With Perkins Coie ranking as the most successful in many categories and Proskauer taking home some serious points in the firm profile, it’s clear that building a strong reputation and culture is pivotal to success in this line of work.

Keep browsing Law Scribd for more updates.

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