About Bruce
Search this site:


Subscribe to E-Mail Updates
About the SiteAbout Adam Smith Adam Smith, Esq. Newsletter Adam Smith, Esq. Newsletter

July 25, 2005

"One from Column A,...."

Here are three rankings of top firms, all published this month.  Any ideas on which is what?

Ranking A
Firm
Ranking B
Firm
Ranking C
Firm
1
Wachtell
1
Cravath
1
Wachtel
2
Cahill Gordon
2
Wachtel
2
Cravath
3
Sullivan & Cromwell
3
Sullivan & Cromwell
3
Sullivan & Cromwell
4
Simpson Thacher
4
Davis Polk
4
Skadden
5
Cravath
5
Skadden
5
Davis Polk
6
Paul, Weiss
6
Simpson Thacher
6
Simpson Thacher
7
Cadwalader
7
Williams & Connolly
7
Cleary Gottlieb
8
Davis Polk
8
Cleary Gottlieb
8
Latham & Watkins
9
Kirkland & Ellis
9
Latham & Watkins
9
Weil Gotshal
10
Milbank, Tweed
10
Weil Gotshal
10
Covington & Burling
11
Shearman & Sterling
11
Kirkland & Ellis
12
Paul, Weiss
12
Shearman & Sterling
13
Covington & Burling
13
Paul, Weiss
14
Wilmer Cutler
14
Debevoise
15
Kirkland & Ellis
15
Sidley Austin

I'll be merciful:  "A" is profits per partner, courtesy of the AmLaw 100; "B" is Vault's annual "prestige" rundown, as ranked by partners; and "C" is Vault's prestige tally as ranked by associates.   Now, the sizable overlap/identity between "B" and "C" is no surprise; if associates don't entirely get their opinions about things like this from partners, that is surely their primary source.

The newsworthy item to me is how PPP correlates with perceived prestige:  7 of the 10 firms with the highest PPP also figure in the top 15 most prestigious in the view of both partners and associates.  The three exceptions?  Well, I would argue they're truly exceptions:

  • Cahill Gordon has always followed its own muse, and thumbed its nose at convention with the certainty and finality that their internal performance is all they need to care about.  (Their website, almost shockingly simple and quaint, caveats in a fashion both prissy and inarguable, that it "is primarily intended for use by law school students considering a career at our firm.")
  • Milbank and Cadwalader, on the other hand, while Household Names in anyone's book, are strongly on the comeback from some years in the wilderness, and perception may not yet have caught up to reality.

Overall, a triumph of the marketplace.

Posted by Bruce at July 25, 2005 4:17 PM | TrackBack
Posted to Compensation | Finance | Just Plain Interesting | Leadership | Strategy

Printer-friendly version
Comments
Email this entry to:


Your email address:


Message (optional):


Post a comment

Thanks for signing in, . Now you can comment. (sign out)

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)


Remember me?


Law Firm Finance 101 Seminar

People Are Talking

"Adam Smith, Esq. is, and will remain, the definitive voice on law firm strategy."
David Jabbari, Global Head of Know-How, Allen & Overy

"I just don't know what the profession would do without you."
—Chairman, AmLaw 25 firm

“Constantly stunning.’—Managing Partner

"I read three things:  The Wall Street Journal, The Economist, and Adam Smith, Esq.—and I tell my partners to do the same."
—Managing Partner, AmLaw 50 firm

“You have a fascinating niche which you cover ever so much better than does the conventional legal press.”
—Walter Olson of Overlawyered

“Required reading: Amazing.”—Venture Capitalist

"You're the brand name in law firm economics. There is no one out there—repeat, no one—who covers this business better, or thinks about it more creatively, than you. I tell people this guy is really, really good."
—Chair/Managing Partner, AmLaw 50 firm

Links: law
Links: corporate law
10b-5 Daily
Business Pundit
CorporateCounsel.Net Blog
Conglomerate

links: economics
Atlantic Blog
BusFilm by Larry Ribstein
Business Pundit
Carnival of the Capitalists
Chicago Boyz
Ensight
Marginal Revolution
Ronald Coase Institute
Stephen Bainbridge
Links: tech & culture

"Adam Smith, Esq.,"® an inquiry into the economics of law firms, and the maroon banner, are a federally registered trademark belonging to Adam Smith, Esq., LLC, which is partially owned and controlled by Bruce MacEwen.

Creative Commons License
This weblog is licensed under a Creative Commons License.