Legal purses. (Law).

L.A. firms had four of the top 25 positions in the annual Am Law 100 list published by American Lawyer magazine.

Despite an economic slump, revenues at Los Angeles firms rose 18.5 percent, exceeding San Francisco (9.6 percent), Chicago (9.4 percent) and New York (8.9 percent), according to the list. The highest-grossing law firm nationwide was New York-based Skadden Arps Slate Meagher & Flom LLP, with $1.2 billion in revenues. L.A.'s Latharn & Watkins ranked No. 4, with $769.5 million.

Gibson Dunn & Crutcher LLP was 15th, with $537 million; O'Melveny & Myers LLP, with $490 million, came in at No. 19; and Paul Hastings Janofsky & Walker LLP ranked No. 22 with $455.5 million.

While profits at law firms nationwide rose by a paltry 2 percent average, profits at Los Angeles area law firms increased 16.7 percent, according to the Am Law 100 list.

Two Los Angeles firms, Gibson Dunn and Latham, joined the ranks of 18 law firms nationwide that made more than $1 million in profits per partner. Gibson Dunn's profits were up 13 percent over 2000, and exceeded $1.1 million per partner, making it the state's most profitable firm. Latham & Watkins recorded profits of just better than $1 million, up 6.6 percent from $990,000 in 2000.

O'Melveny, after an internal restructuring, posted $945,000 in profits, up 34 percent from $705,000 in 2000. Paul Hastings increased 12.9 percent, to $875,000 from $775,000 in 2000.

Staff reporter Amanda Bronstad can be reached at (323) 549-5225 ext. 225, or at abronstad@labusinessjournal.com.

Staff reporter Amanda Bronstad can be reached at (323) 549-5225 ext. 225, or at abronstad@labusinessjournal.com