About 20 years ago, only two large law firms reported gross revenue greater than $1 billion. But in the next five years or so, all current Am Law 100 firms will reach the $1 billion or $2 billion mark — or fall out of the top 100 and be replaced by firms growing at a faster clip, according to a recent industry report.
What should firm leaders do in 2024 if they don’t want to get left behind in that competition for scale — one which the report authors at Fairfax Associates dubbed the “Great Growth Race?” In short, firms should have a clear strategy and don’t try to be all things to all people, the authors say.
