Munger, Tolles & Olson’s revenue fell by about $4 million, or 1.3%, to $317.4 million in 2022, while profits per equity partner were essentially flat from the previous year, marking the second year in the firm’s history that it surpassed the $2 million threshold.

Leaders at the Am Law 200 firm said last year was the second-best year in firm history, coming off of the heels of a record year in 2021. Munger Tolles ended the year with about eight fewer lawyers at 184, leading revenue per lawyer to tick up 3% to $1.7 million. And as it emerged from pandemic-era conditions, net income fell 5.8% to $172.9 million.