While revenue growth at Biglaw firms was stagnant in 2022, the picture was rosier for midsize firms.
Midsize firms had higher increases in revenue and net income last year compared to Am Law 100 firms.
“Midsize law firms are making significant strides in the legal industry, positioning themselves favorably in comparison to their larger counterparts,” according to JD Journal. “While larger firms have been expanding their workforce by adding more personnel, midsize law firms have also been increasing their lawyer count, including partners. When analyzed on a per-lawyer basis, midsize firms continue to exhibit stronger performance than the Am Law 100. While both categories saw a slight decline in revenue per lawyer, the decrease observed at midsize firms was relatively smaller. Additionally, profits per equity partner displayed an upward trend in midsize firms for 2022, whereas the same metric experienced a decline among the Am Law 100 firms.”
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A Shifting Dynamic
During the pandemic, Biglaw firms saw an unprecedented growth surge. This was fueled in part by a boom in mergers and acquisitions. Those days are over.
“While midsize firms may not always possess the same level of prestige as their larger counterparts, they have been able to capitalize on their stability and resilience, particularly during uncertain times,” says JD Journal. “The influence of personal relationships in firm selection decisions highlights the ongoing relevance of human connections in the legal profession.”
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