US law firms see increasing profits

US law firms see increasing profits

[JURIST] According to a rankings released Wednesday, the top 50 US law firms achieved double-digit growth in turnover and profits in 2004. The rankings, performed by Legal Week magazine [media website], show that these firms have pulled in $33 billion in fees with average partner profits topping $1.2 million. The Legal Week report showed that the best-performing US firms were ones located in New York, while firms in the San Francisco area performed weakest. The increase in profits in US firms starkly contrast with the 2004 record UK-based firms which have needed to embark on cost cutting programs due to stagnant growth. The Financial Times has more.