At first glance, the Am Law Second Hundred firms appear to be the runts of the litter, trailing far behind their Am Law 100 counterparts.

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The disparities between the groups' reported numbers for 2017 are stark: 5.5 percent revenue growth for the Am Law 100 versus a 0.2 percent decline for the Second Hundred; 3.2 percent growth in revenue per lawyer versus a 0.3 percent decline; and 6.3 percent growth in profits per equity partner versus a 1.4 percent decline.

But look closer and a more subtle story emerges that may silence some of the sympathetic sobbing for Second Hundred lawyers. A series of mergers and dissolutions sent some big firms off the list, with the seven firms replacing those slots pulling in almost $400 million less in revenue. Coupled with increased volatility, the shakeups in the Second Hundred paint a somewhat deceptive picture of disappointment and decline following a year in which a large portion of the group actually saw steady progress.

According to both Nicholas Bruch, a senior analyst at ALM Legal Intelligence, and Gretta Rusanow, head of advisory services for Citi Private Bank's Law Firm Group, each of whom spends considerable time reviewing law firm financial results, after peeling back a few layers, the Second Hundred firms' performance doesn't look so bad.