For the second straight year, L.A.-based Munger Tolles tops American Lawyer's annual list of best law firms - not necessarily the ones that bill the most hours or generate the most profits per partner. Besides financial performance, A-Listers must also have a strong commitment to pro-bono work, emphasize diversity, and make sure lawyers are well-trained. Another L.A.-based firm, Latham & Watkins, tied for second. Here's what was said about Munger Tolles:

Munger isn't highly leveraged with associates, which tends to make for more satisfied young lawyers. The firm also maintains a strong cultural commitment to pro bono. "We want to give back to the community, and we think it makes for better lawyers," says Mark Helm, one of Munger's co-managing partners. He notes that about a year ago, management noticed a dip in pro bono activity and made a push to bring it back up. The California firm also cares about diversity. (Minorities make up 22 percent of its lawyers and 15 percent of its partners.) "We have made a strategic decision to look more systematically at diversity," says Helm.

Charlie Munger, long-time investment partner of Warren Buffett, founded the firm with six other lawyers in 1962. There are a lot of notables, including partner Ron Olson and Jeff Bleich, on leave to serve as Special Counsel to President Obama.