For the Am Law 100, 2020 was a remarkably profitable year of nearly across-the-board growth. For the Second Hundred, it was a more understated success. For the firms on the outside looking in at the Am Law 200, it was something more like a struggle.

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Out of 15 firms whose revenue places them within shouting distance of the Am Law 200, only two posted modest year-over-year revenue gains and several had significant declines. The 12 firms in this group with both 2019 and 2020 data available collectively averaged a 5% drop in revenue—something only 13 firms in the entire Am Law 200 experienced last year.

Revenue isn't everything, as meaningful profits growth was still commonplace at firms of all sizes whose top line took a step back. But the results demonstrate that Big Law's pandemic hot streak didn't extend to all levels of the legal industry. As business gets back to something approaching normal, though, the past year could open the door for midsize firms to expand into new locations to better serve clients—and reach new ones—as they seek to carve out a niche in a competitive marketplace.