Faegre Joins Dorsey on List of 100 Largest U.S. Law Firms
Faegre Baker Daniels, LLP, has joined fellow Minneapolis-based law firm Dorsey & Whitney, LLP, on The American Lawyer’s annual list of the 100 largest law firms in the nation.
Faegre is one of five law firms new to this year’s list. The firm ranked 66th based on its gross revenue, which totaled $443 million in 2012. Faegre had 683 lawyers, 252 equity partners, and 104 non-equity partners at the end of 2012, according to The American Lawyer.
Dorsey, which ranked 88th on last year’s list, ranked 99th this year with gross revenue of $313.5 million. The firm had 517 lawyers, 218 equity partners, and 45 non-equity partners at the end of 2012.
In 2012, Dorsey brought in $605,000 in revenue per lawyer, down less than 1 percent from 2011, and $515,000 in profits per partner, down 8 percent from 2011. Dorsey finished the year with $790 million in net income, according to The American Lawyer.
Faegre Baker Daniels’ rapid growth came largely as a result of a merger between Minneapolis-based Faegre & Benson and Indianapolis-based Baker Daniels, which formed Faegre Baker Daniels in January 2012. Due to the merger, The American Lawyer did not compare Faegre’s year-over-year numbers.
In 2012, Faegre brought in $650,000 in revenue per lawyer and $700,000 in profits per partner. Faegre finished the year with $88.5 million in net income, according to the list.
According to The American Lawyer, the most successful firms of 2012 “tended to have an international footprint, a strong transactions group, and a diverse set of practice areas, though boutique labor and employment and immigration firms also fared well.”
Seventy-six of the 100 firms on The American Lawyer’s list reported gross revenue increases in 2012, down from 80 firms in 2011. Sixty-six, meanwhile, saw an increase in profit per partner, down from 72 firms in 2011.