The Am Law 200's 'Hollow Middle'
Midrange firms face a growing dilemma: If your firm isn't either top-tier or super cheap, how will you attract clients?
May 24, 2017 at 11:52 PM
11 minute read
To get a grip on the market trend some observers hold responsible for flat-lining the finance charts for The Am Law Second Hundred, ponder alcohol pricing. Buyers who seek the best will pay $1,400 for a bottle of Moët & Chandon Bi Centenary Cuvée Dry Imperial from 1943, but the throngs who want their drink on the cheap want to drop only $6.99 for their six-pack of Budweiser.
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|The Second Hundred firms—the shops that ranked 101-200 on our list of the nation's highest-grossing firms—fall precariously in the middle of a market that on one hand serves clients who, like those who sip Moët & Chandon, are willing to pay dearly for what they consider high-end distinguished lawyering, and those on the other hand who serve clients like the Budweiser fans, who seek rock-bottom prices for the everyday stuff.
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