The warnings last spring were dire. As the pandemic set in, many law firms were expecting to face double-digit revenue declines by year end, and how the year would transpire was anyone's guess. Anyone making predictions at that time would be amazed to pore through the final numbers and realize that the Second Hundred of the Am Law 200 turned in a narrowly positive year on revenue, up 1.1%, and a significant year of growth in revenue per lawyer (up 3%) and profits per equity partner (up 8.8%).

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Those numbers, of course, only tell part of the story of 2020 for the Am Law 200. Last year also saw the return of growing separation between the Am Law 100 and the Second Hundred, as well as the introduction of the first virtual firm to the Am Law 200. In this year's report, we detail the most important trends from last year and what they will mean for the industry going forward, including the prevalence of Paycheck Protection Program loans throughout the Second Hundred, the growing prominence of alternative fee arrangements, and the enticing option of virtual expansion for midsize firms.