This year’s Am Law 100 financial results tell a story of sharp reversals of fortune. In 2021, over 90 firms reported sweeping gains across gross revenue, revenue per lawyer, average compensation of all partners, and profits per equity partner. Profitable growth proved far more elusive in 2022, with only 30 firms posting across-the-board wins in all four measures.

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On the whole, 2022 brought a long-awaited day in the sun for the more moderately wealthy among the Am Law 100. The 30 firms achieving outperformance in 2022 reported average gains of 5.3% in RPL to $1.1 million and 6.9% in CAP to $1.4 million. In contrast, the dozen wealthiest firms by PEP suffered the pains of a correction year, averaging declines of 4.8% in RPL to $1.9 million and 7.8% in CAP to $4.6 million.