Stagnant revenue, and investments in tech and real estate, resulted in another year of slightly less profitability for global Am Law 50 firm Reed Smith, making 2021 the year to beat from a profit standpoint.

But from the standpoint of revenue per lawyer (RPL), the firm had its best year in history in 2023, growing RPL 2.4% to $943,000 thanks to clients embracing the firm’s global platform, said global managing partner Casey Ryan.