Being big has its virtues, but in the present moment midsize law firms—many of which occupy the Am Law 200 or compose the group next in line for entry—are finding advantages in their smaller stature.

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Industry observers and midsize law firm leaders, including two whose firms are among those knocking at the door of the Am Law 200, say that in a time of economic and social upheaval, bigger may not, in fact, be better.