About 20 years ago, only two large law firms reported gross revenue greater than $1 billion. But in the next five years or so, all current Am Law 100 firms will reach the $1 billion or $2 billion mark—or fall out of the top 100 and be replaced by firms growing at a faster clip, according to a recent industry report.

What should firm leaders do in 2024 if they don't want to get left behind in that competition for scale—one which the report authors at Fairfax Associates dubbed the "Great Growth Race?" In short, firms should have a clear strategy and don't try to be all things to all people, the authors say.

Indeed, multiple firms in the Am Law 100 are beginning the year doubling down on their practice-area strengths and high-performing locations, and several firm leaders say in interviews that they will continue this focus throughout 2024.