Not all steps back are retreats. Sometimes they’re a return to reality. A continuation of a path of success, albeit not a linear one.
As my colleague Patrick Fuller, vice president of ALM Intelligence and our team’s partner in all things data, says, it’s a mistake to look at the 2022 financial performance of The Am Law 100 in isolation. Yes, certain core metrics, including per-lawyer revenue and profit figures, declined. But gross revenue rose, showing the group’s pricing power, and what did decline still came in above pre-pandemic levels.