Despite the growing pressure facing firms operating in the Second Hundred, our annual Am Law 200 report shows that 2021 was by many measures the best year for these firms in a long time. Revenue rose 9.1% and profits per equity partner spiked nearly 12% across the Second Hundred. And after years of varied results across the industry, nearly everyone in this tier got in on the fun.

But the pressure is growing nonetheless, as larger firms raid the Second Hundred's talent base and charting a path toward profitable growth becomes ever more difficult. In the 2022 Am Law 200 report, we explore how firms pulled off a stellar year and where they head next in a tumultuous environment.