Mid-market firms—defined as firms with fewer than 250 attorneys—saw much slower growth last year than they did in 2019. But given the dark forecasts in the spring of 2020, many firms feel as if they dodged a bullet, and many are seeing much of their business return in 2021.
The 65 midsize firms that reported financial data to Law.com for 2020 and 2019 grew revenue by an average of 0.9% last year. Profits per equity partner (PEP) rose 6.8%, while head count actually grew by 0.4%. In 2019, these same firms saw revenue rise by an average of 4.7% and PEP rise by 5.1%.