Last year was a pretty good year for law firms in the Second Hundred of the Am Law 200. In fact, they notched one of their best years in terms of revenue growth in the last decade. But if you take a broader view, and compare how those firms are doing relative to their peers in the upper crust of the index, things don’t look quite as rosy.

While the combined gross revenue of Second Hundred firms has grown just over 14% since fiscal year 2009, the group’s share of the entire Am Law 200 gross revenue has actually slid — by 20%. That’s in large part because the top 100 firms in the index have been gobbling up cash. Firms holding the top 25 spots in the Am Law 200 saw their combined gross revenue rise by almost 65% over the same period.

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