Am Law 100 Trends: Seyfarth Nears $1B, AI Risks & Nonequity Growth

Seyfarth Shaw is nearing $1 billion in annual revenue after growing 6.3%, with leadership emphasizing long-term strategy over milestone figures. The firm saw strong profitability gains, including a 14.6% rise in profits per partner, driven by higher billing rates, more complex work, and strategic lateral hiring. Its decision to part ways with a lower-margin immigration group impacted overall growth but strengthened its revenue mix. While slightly reducing total clients, Seyfarth has focused on deeper relationships and higher-value work, supported by innovation and AI efficiencies. With standout performance in corporate and real estate practices and strong talent retention, the firm remains optimistic about continued growth despite economic uncertainty.

MARKET MOVEMENTS

Weil adds international trade partner, William Phalen, from Kirkland in Boston

Funds partner Amanda Persaud, joins Paul Hastings from Ropes & Gray in New York

Vinson & Elkins adds four corporate partners, Keith Trammell, Chalyse Robinson, David Strong, and Alex Bahn from Wilmer

HSF Kramer L&E partner Eliza Kaiser, jumps for Gibson

FIRM SPOTLIGHT - LOWENSTEIN SANDLER LLP

Lowenstein Sandler is a full-service law firm with more than 350 attorneys across five U.S. offices, with a strong East Coast presence rooted in its 1961 founding in Newark, New Jersey. Known for its work with investment funds and the life sciences and technology sectors, the firm offers nearly 50 practice areas, including M&A, intellectual property, and white collar. Its investment management and venture capital practices are particularly prominent, with over 1,000 deals completed in recent years and initiatives like VentureCrush supporting startups and underrepresented founders. Alongside its corporate work, the firm is deeply committed to pro bono service through its Center for Public Interest, focusing on areas such as civil rights, immigration, and criminal justice.

INDUSTRY INSIGHTS

• The Am Law 100: Compensation- All Partners top 10: 1) Wachtell 2) Davis Polk 3) Sullivan & Cromwell 4) Skadden 5) Paul Weiss 6) Quinn 7) Millbank 8) Debevoise 9) Cravath 10) Latham

• The Am Law 100: Profits Per Equity Partner top 10: 1) Wachtell 2) Kirkland 3) Davis Polk 4) Quinn 5) Gibson Dunn 6) Latham 7) Paul Weiss 8) Simpson 9) Paul Hastings 10) Millbank

• The Am Law 100: Profits per Lawyer top 10: 1) Wachtell 2) Susman Godfrey 3) Kirkland 4) Quinn 5) Sullivan & Cromwell 6) Davis Polk 7) Skadden 8) Paul Weiss 9) Latham 10) Millbank

• The Am Law 100: Revenue Per Lawyer top 10: 1) Wachtell 2) Susman Godfrey 3) Davis Polk 4) Kirkland 5) Ropes & Gray 6) Sullivan & Cromwell 7) Quinn 8) Skadden 9) Paul Weiss 10) Cravath

Law Firms Tighten AI Use Amid Rising Risks

Following high-profile incidents involving AI-generated “hallucinations” in legal filings, such as at the recent high-profile case involving Sullivan & Cromwell, law firms are proactively implementing stricter policies and training to ensure responsible AI use. Firms like Ogletree Deakins, Bradley Arant Boult Cummings, and King & Spalding are emphasizing verification of AI outputs, educating attorneys through real-world missteps, and integrating approved AI tools with clear guidelines. While AI is increasingly embraced for efficiency and client demand, firm leaders stress a “trust but verify” approach, reinforcing that lawyers remain accountable for accuracy. As clients grow more sophisticated, many are beginning to dictate which AI tools firms can use, signaling a shift toward more structured and closely monitored adoption of the technology.

Big Law Expands Nonequity Tiers to Protect Equity Profits

Am Law 100 firms are increasingly expanding nonequity partner tiers, which now make up over half of partners, as a way to preserve equity stakes for top performers while adapting to market pressures. Driven by factors like competitive lateral hiring, the need for flexible compensation, evolving career paths, and the impact of AI on staffing and billing, firms are prioritizing a more concentrated and profitable equity tier. While nonequity roles create more partnership opportunities and can serve as a steppingstone, they also raise concerns about longer promotion timelines and potential morale issues. Overall, firms are actively reshaping partnership structures to balance growth, talent retention, and profitability in a changing legal landscape.