As the pandemic took hold last spring, the legal industry faced a series of daunting challenges and proceeded with caution into the unknown. Now, more than a year into the pandemic, it’s clear that the country’s largest law firms excelled in the face of an unprecedented crisis.
As a group, The Am Law 100 raised revenue by 6.6%—a stunning number considering early prognostications that many firms would decline by double digits. Revenue per lawyer grew 4.8%, the largest annual increase since the Great Recession. And, boosted by pandemic-related expense cuts, profits per equity partner spiked a staggering 13.4%.