Methodology: How the Leopard Law Firm Index Measures Success
The Leopard Law Firm Index (LLFI), established in late 2020, provides a real-time assessment of law firm health, updated twice weekly. Unlike traditional rankings that focus solely on financial performance, LLFI evaluates firms based on attorney growth and retention, financial stability, attorney promotions, and ethnic diversity. Each firm is assigned a score ranging from 0 to 500, with 500 being the highest. This dynamic methodology ensures that firms experiencing volatility may rank differently than they would on conventional lists.
Key Trends and Shifts in the 2024 LLFI Rankings
Market Overview
The legal industry saw significant changes over the past year, marked by both stabilization and increased competition. In 2024, 45% of LLFI Top 200 firms experienced a decline in point value, an improvement from 60% in 2023. However, 42% of firms saw a drop in status, a higher percentage than in previous years. Only 9% of firms increased in points, with just 4% moving up in rank. Overall, 87% of firms saw some form of decrease, up from 76% in 2023, signaling heightened instability in the market.
New Entrants and Biggest Movers
The 2024 LLFI rankings saw significant shifts, with Kirkland & Ellis claiming the top spot with a perfect score of 500. Several firms made notable debuts in the Top 10, including Simpson Thacher, Gordon Rees Scully, and Jones Day, while others experienced dramatic changes in rankings.
Biggest Movers Up
- Faegre Drinker Biddle & Reath: Jumped from 270th (score: 350) in 2023 to 23rd (score: 413).
- Cooley LLP: Soared from 207th (score: 375) to 34th (score: 410).
- Stoel Rives: Advanced from 272nd (score: 344) to 101st (score: 380).
- Bracewell LLP: Risen from 292nd (score: 307) to 126th (score: 373).
Additionally, 32 new firms entered the top 200.
Non-Am Law 200 Representation
A growing number of firms outside the Am Law 200 have secured spots in the LLFI Top 200. This year, 46 non-Am Law 200 firms made the list, reflecting increased competition from smaller or specialized firms challenging larger industry leaders.
LLFI Firms vs. Am Law 200: Performance Trends
LLFI firms continue to outperform Am Law 200 firms in key areas, with only 42 LLFI firms reporting negative headcount growth, compared to 76 Am Law firms. Additionally, 79% of LLFI firms experienced growth, surpassing the 61% of Am Law firms that achieved the same.
Key indicators—such as partner promotions, diversity metrics, and attorney retention—suggest LLFI-ranked firms offer stronger long-term stability than their Am Law 200 counterparts.
Conclusion
The 2024 LLFI rankings highlight a shifting legal landscape, with intensified competition leading to notable rises and falls. While fewer firms lost points overall, those that did saw sharper declines. The continued rise of non-Am Law 200 firms underscores a changing market where strategic growth and adaptability are crucial. As firms navigate these challenges, those excelling in retention, diversity, and long-term financial health will remain dominant forces in the legal industry.
