Chicago Hits a High Note in the Am Law 100

Overview


Jeffrey Stone, McDermott co-chair, called revenue per lawyer the best measure of “the true economic health of a law firm” since profits per partner “is an unsophisticated metric because it can be so easily manipulated,” and noted that McDermott’s revenue figure has grown in each of the past five years to a level “significantly higher” than it was pre-recession. Mr. Stone added that McDermott’s revenue has grown faster than its expenses in every year except one since 2010. “We’re growing revenue at the same time we are cutting expenses,” Mr. Stone said. “That’s what great businesses do.”