Second Hundred law firms may have lost the lead over the Am Law 100 in revenue and profit growth last year. But so far in 2024, they have the edge in demand growth over all other segments, with their litigation practices gaining even more strength, and clients finding them in a sort of “Goldilocks Zone” for reach, billing rates and expertise.
Make no mistake, the largest firms are still seeing big gains, fueled by some of the strongest growth in billing rates on record. And it was less than a year ago that firms beyond the Am Law 200 were outperforming the Second Hundred, notably “grabbing market share” while analysts described firms Nos. 101-200 as being in a sort of “no-man’s land.”
