Why your law firm isn’t anywhere near as profitable as you think

Do conventional metrics significantly overstate law firm profitability?

By conventional measures, the world’s top law firms are some of the most profitable businesses on earth.

The average profit margin for the Global 100 is a lofty 39%, according to data published this month by The American Lawyer. The highest profit margin in the group, which goes to Quinn Emanuel Urquhart & Sullivan, is almost 68%. That is more than three-and-a-half times the net margin of tech giant Apple, and more than nine times that of Warren Buffett’s Berkshire Hathaway, based on each company’s returns in the last quarter.

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