A wealth inequality effect of sorts is underway among U.S. law firms, an industry that's hardly hand to mouth but is seeing a widening gap between the haves and have mores.
In its annual ranking of the top 100 law firms released on Monday, The American Lawyer (AmLaw) crowned Latham & Watkins as the top earner among white shoe law firms. Latham, which is based in Los Angeles but has offices globally, earned about $2.6 billion in gross revenue last year, a 14 percent jump from 2013, according to AmLaw's data.
The firm outmuscled DLA Piper, which topped the list in 2013 and landed in the No. 3 spot last year with nearly $2.5 billion in revenues, and edged out Baker McKenzie, which pulled in $2.5 billion and saw revenues jump 5 percent year over year.
"What's more, 2014 showed us that the 'Super-rich' firms, with average profits per partner exceeding $2 million are getting richer still and more firms are achieving this status," AmLaw said in a statement.