The full financial report is A&O Shearman's first as a merged entity.

Spurred by higher partner productivity and a more private equity-focused practice mix, among other factors, elite law firms' performance is further separating from the rest of the Am Law 50 performance, according to Wells Fargo data.

The appellate court found Habba's appointment and subsequent reappointment were invalid.

"Focus on mastering your craft—your practice area—first. Stay open to learning new skills that go beyond the 'mere' practice of law, such as understanding law firm economics, client development, and interviewing for recruiting."

The private equity-backed MSO model is being spoken about with greater frequency, but if it takes off, the results could be quite unexpected, argues The Global Lawyer.