Demand has risen across the industry. But the largest law firms are still charting a different course than their Second Hundred and midsize counterparts.

Am Law 100 firms have reined in expenses and trimmed head count, reducing the number of associate full-time equivalents by 2.5% since the start of 2022, according to the latest Law Firm Financial Index from Thomson Reuters. Midsize firms, on the other hand, have increased head count and gotten extra aggressive on billing rates, while Second Hundred firms have sought a middle ground, the report stated.