Ballard Spahr saw another year of modest growth in 2020, as the firm looked to right-size its lawyer ranks when opportunities presented themselves, allowing profits per equity partner (PEP) to grow at a double-digit clip.

But the firm’s reluctance to cut employee positions amid a pandemic may have held it back from achieving the same remarkable jump in profits that other Am Law 100 firms have reported—the firm’s net income shrank slightly, and the increase in PEP came with a near-equal decrease in the number of equity partners.