Law firm financial reporting season is upon us—a time met with a mix of anticipation and dread among law firm leaders. Where will they fall on the profitability charts? How will they stack up against their competition?

On a macro level, we don’t expect anything out of the ordinary from the financial results. Early indications suggest that revenue at Am Law 100 and 200 firms grew steadily, but profits sagged as realization rates slackened. In any other year, those numbers may seem unremarkable, just the normal Sturm und Drang of the market.