Instant Insights

Following a period of revenue increase and office growth, the legal field is now facing a new challenge: a decrease in demand. Where firms were once seeing immense demand from clients across sectors and geographies, which led to an increase of profits that gave firms the opportunity to grow, are now stalling out.

In the midst of economic headwinds and depressed demand across numerous areas, including tech, corporate and bankruptcy practices, several Big Law firms have begun trimming their ranks and deferring incoming associate classes.

While the past few years have boded well for firm financials, they are continuing to see a decrease as the market levels out to prepandemic standards. From deferrals of incoming associate classes to massive cuts of lawyers and staff, law firms are using layoffs and delays as a way to manage through the market dip.

As firms continue to restructure, we will be keeping up with the changes and trends. Be sure to check back for the most recent layoff and deferral news.

Following on the heels of a surprisingly successful pandemic year in 2020, the Am Law 100 hit another gear in 2021. The gains were bigger and more universal than ever before, resulting in the group\'s best financial results in a generation.

The country\'s largest firms collectively grew revenue 14.8%, paced by two titans at the top of the rankings, Kirkland & Ellis and Latham & Watkins. The Am Law 100 also boasted 12.5% growth in revenue per lawyer and a 19.4% spike in profits per equity partner.

Those numbers are stunning, but they only tell a small part of the story. How will firms fare when surging demand starts to slow down? Will they invest their extraordinary profits in building for the future? Will client pressure force them to halt the rate increases that have helped drive so much of their growth? In this year\'s Am Law 100 report, we answer those questions and more.

The American Lawyer's 2020 Global 200 report features rankings by revenue, head count and profits per equity partner, as well as stories about the state of the legal market around the world.

To mark the occasion of its 40th anniversary, The American Lawyer looked back at the origins of the magazine—and the industry—while also taking a look at what changes might be in store in the near future.

The American Lawyer focuses on the Canadian legal market in a special report.

We haven’t heard the word “lemmings” used to describe reactions from law firms after Milbank, Tweed, Hadley & McCloy announced first-year associate to salary hikes to $190,000. Sure, a handful of firms have matched, but the historical rush by Big Law to keep pace has not played out—at least not yet. In this Instant Insights, we explore why the game of follow-the-leader has fewer participants this time around, and we take the pulse of reactions to the raises from clients, competitors and experts.