Credit: Yingyaipumi/Adobe Stock Second Hundred Law Firms Closer to the 'Center of Gravity' in Q1
So far in 2024, Second Hundred firms have the edge in demand growth, with their litigation practices gaining more strength.
May 08, 2024 at 07:13 PM
5 minute read
What You Need to Know
- Make no mistake, the largest firms in the Am Law 200 are still seeing big gains, fueled by billing rate growth.
- However, demand growth in the Second Hundred in Q1 led all other segments, according to the Law Firm Financial Index report.
- In an era of high rates, some billing rate flexibility, as well as scale and relatively deep benches compared with midsize firms might explain some of the trend.
Second Hundred law firms may have lost the lead over the Am Law 100 in revenue and profit growth last year. But so far in 2024, they have the edge in demand growth over all other segments, with their litigation practices gaining even more strength, and clients finding them in a sort of "Goldilocks Zone" for reach, billing rates and expertise.
Make no mistake, the largest firms are still seeing big gains, fueled by some of the strongest growth in billing rates on record. And it was less than a year ago that firms beyond the Am Law 200 were outperforming the Second Hundred, notably "grabbing market share" while analysts described firms Nos. 101-200 as being in a sort of "no-man's land."
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