Paul Weiss has become the second major law firm to stop sharing financial data with The American Lawyer, following Kirkland & Ellis. The New York firm will not provide figures for the publication’s annual rankings, which have long offered a rare window into the finances of US private partnerships. As revenues soar and partner compensation reaches tens of millions of dollars, clients have grown uneasy about lawyer earnings.
Paul Weiss reported $3.3bn in revenue last year, a 24 per cent increase, and $8.6mn in profits per equity partner. The firm advises Apollo Global Management and previously struck a deal with the Trump administration to provide free legal services. The industry faces upheaval, highlighted by the sudden collapse of Weil, Gotshal & Manges.
Am Law’s parent company says it will continue to offer analysis despite reduced transparency.
Source: Financial Times Companies · Summarized by HeadlinesBriefing