Profits growth of more than 5% would be a great year for any big law firm. But a look at the early reports of Am Law 200 financials shows many law firms with eye-popping profit per partner hikes of more than 20%, including at Sidley Austin, Dechert, McDermott Will & Emery, Hogan Lovells and Alston & Bird, among others.

Many firms’ profit gains were higher than their revenue growth. And unlike 2020, the profit surges up and down the Am Law 200 were not uniquely tied to expense cuts.