At least one quarter the of law firms across the Am Law 200 maintained some level of debt in 2023, with firms in the Second Hundred leading the pack.

Over 71% of firms reporting debt last year fell into the Second Hundred, according to data collected through The American Lawyer’s annual surveys. In total, 52 of the top-200 grossing firms in the U.S. acknowledged some debt, and an overwhelming majority of these firms listed real estate and technology as the most common things their lines of credit were used for. But even as technology and real estate needs grow, law firms should be wary of over relying on lenders to help cover costs, Roger Hayse, a director of law firm advising firm Hayse LLC, said.