A racking arm assembly is adapted to be mounted on a drill floor of a drilling rig and includes a lift arm assembly having a first arm that is movably coupled to a vertical support column, wherein the lift arm assembly is adapted to be raised and lowered along a vertical length of the vertical support column during a pipe handling operation. A lift jaw assembly is pivotably coupled to a second arm of the lift arm assembly and includes a lift jaw assembly having a lift jaw gripping apparatus that is adapted to grip and fixedly hold a drill pipe stand proximate a pin end of the drill pipe stand during the pipe handling operation. The lift jaw gripping apparatus is further adapted to be rotated relative to the lift arm assembly about a substantially horizontal axis while the lift jaw gripping apparatus is fixedly holding the drill pipe stand.