Post by account_disabled on Mar 7, 2024 2:43:16 GMT -8
Law is not an exact science and, apparently, neither is the financial mathematics behind the revenue of the largest law firms in the United States. So what happens when two prestigious institutions publish reports on the revenues of major US offices and the results just don't add up?
This is the question that The Wall Street Journal asked at the end of August following the release of two important reports on the subject: The Am Law , from the monthly magazine The American Lawyer , the most important publication on law in the USA, and the report from the Citi Private Bank Law Firm Group , an institution that manages the finances of the most successful lawyers and firms in the country and the world.
The question was asked again this week, in the USA, and The American Lawyer itself had to go looking for answers to clarify the discrepancy in the numbers between the reports from The Am Law and Citi Private Bank.
The most recent research carried out by Citi Bank on the BTC Number Data revenue of law firm partners in the USA showed results that vary, on average, % in relation to the figures presented by The Am Law in the same period. The main variation concerns the partners’ profits. Citi Bank was much more modest when calculating the average revenue of partners at the largest banks in the USA.
Commentators and publications specializing in law highlighted the difference in numbers in the two reports. Sarcasm and distrust quickly turned to the lawyers themselves, a professional class that, as occurs in many countries such as Brazil, is the target of stereotypes and prejudices related to reputation. explain such a discrepancy?”, asked in a mocking tone the October edition of The American Lawyer itself .
The feud between Citi and the magazine became serious until the bank's president and the editor-in-chief of The American Lawyer decided to “exchange faces” to clear the air on both sides. The effort is justified. After all, the two reports are usually eagerly awaited in the legal world and in the business world in general.
Aric Press, editor-in-chief of the magazine, published an article on the publication's website reporting that Dan Di Pietro, president of the Citi Private Bank Law Firm Group, had shared with The American Lawyer a comprehensive effort to compare the results of the two reports, undertaken by Citi analysts, in order to understand where — and why — the numbers didn't add up.
This week, the magazine's website published the first public comparison of both results. For publisher Aric Press, there are more similarities than differences if the data are compared rigorously. According to him, the differences in results in five of the six categories (gross and net income, profit per partner, revenue per lawyer, and value of business per lawyer) did not exceed single digits. For the category whose percentage difference was double digits — that of revenue from equity partners — Press found a justification considered, by his critics, to be somewhat evasive. Citi, he said, “uses a broader definition of equity partner than we do.”
According to the editor, the problem would also be methodological. The research methods, in both cases, “differ dramatically”, according to Press. Citi works with information from just newsstands on the list of considered by the magazine. The data sources used by the bank come from lawyers' creditworthiness analyzes and extensive research forms. The American Lawyer uses data collected in cooperation with the banks' financial teams and what they describe as “technical standards for journalistic reporting”, if not a combination of both methods.
This is the question that The Wall Street Journal asked at the end of August following the release of two important reports on the subject: The Am Law , from the monthly magazine The American Lawyer , the most important publication on law in the USA, and the report from the Citi Private Bank Law Firm Group , an institution that manages the finances of the most successful lawyers and firms in the country and the world.
The question was asked again this week, in the USA, and The American Lawyer itself had to go looking for answers to clarify the discrepancy in the numbers between the reports from The Am Law and Citi Private Bank.
The most recent research carried out by Citi Bank on the BTC Number Data revenue of law firm partners in the USA showed results that vary, on average, % in relation to the figures presented by The Am Law in the same period. The main variation concerns the partners’ profits. Citi Bank was much more modest when calculating the average revenue of partners at the largest banks in the USA.
Commentators and publications specializing in law highlighted the difference in numbers in the two reports. Sarcasm and distrust quickly turned to the lawyers themselves, a professional class that, as occurs in many countries such as Brazil, is the target of stereotypes and prejudices related to reputation. explain such a discrepancy?”, asked in a mocking tone the October edition of The American Lawyer itself .
The feud between Citi and the magazine became serious until the bank's president and the editor-in-chief of The American Lawyer decided to “exchange faces” to clear the air on both sides. The effort is justified. After all, the two reports are usually eagerly awaited in the legal world and in the business world in general.
Aric Press, editor-in-chief of the magazine, published an article on the publication's website reporting that Dan Di Pietro, president of the Citi Private Bank Law Firm Group, had shared with The American Lawyer a comprehensive effort to compare the results of the two reports, undertaken by Citi analysts, in order to understand where — and why — the numbers didn't add up.
This week, the magazine's website published the first public comparison of both results. For publisher Aric Press, there are more similarities than differences if the data are compared rigorously. According to him, the differences in results in five of the six categories (gross and net income, profit per partner, revenue per lawyer, and value of business per lawyer) did not exceed single digits. For the category whose percentage difference was double digits — that of revenue from equity partners — Press found a justification considered, by his critics, to be somewhat evasive. Citi, he said, “uses a broader definition of equity partner than we do.”
According to the editor, the problem would also be methodological. The research methods, in both cases, “differ dramatically”, according to Press. Citi works with information from just newsstands on the list of considered by the magazine. The data sources used by the bank come from lawyers' creditworthiness analyzes and extensive research forms. The American Lawyer uses data collected in cooperation with the banks' financial teams and what they describe as “technical standards for journalistic reporting”, if not a combination of both methods.