Despite the growing pressure facing firms operating in the Second Hundred, our annual Am Law 200 report shows that 2021 was by many measures the best year for these firms in a long time. Revenue rose 9.1% and profits per equity partner spiked nearly 12% across the Second Hundred. And after years of varied results across the industry, nearly everyone in this tier got in on the fun.

But the pressure is growing nonetheless, as larger firms raid the Second Hundred’s talent base and charting a path toward profitable growth becomes ever more difficult. In the 2022 Am Law 200 report, we explore how firms pulled off a stellar year and where they head next in a tumultuous environment.

THE FEATURES
Credit: Adrià Voltà
By Dan Roe | The Second Hundred’s best year in recent history was a spike, not the new normal. For managing partners, piling profits back into the firm is easier said than done.
Credit: Adrià Voltà
By Dan Packel | Shifts in the legal marketplace have left the industry’s midsize firms navigating a narrowing path to success.
Credit: Adrià Voltà
By Brenda Sapino Jeffreys | While firms can operate at lower overhead in many emerging markets, that’s not the big reason they rush into booming new markets.
Credit: Adrià Voltà
By Ben Seal | The firms knocking at the door of this year’s revenue ranking share a strong focus on the future.
Credit: Jon Valk
By ALM Staff | The data that defined 2021 for the Am Law 200—in visual form.
THE RANKINGS