For the Am Law 100, 2020 was a remarkably profitable year of nearly across-the-board growth. For the Second Hundred, it was a more understated success. For the firms on the outside looking in at the Am Law 200, it was something more like a struggle.

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Out of 15 firms whose revenue places them within shouting distance of the Am Law 200, only two posted modest year-over-year revenue gains and several had significant declines. The 12 firms in this group with both 2019 and 2020 data available collectively averaged a 5% drop in revenue—something only 13 firms in the entire Am Law 200 experienced last year.

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