Reports of their demise, it turns out, were premature. For years, the regional firms that constitute much of the Second Hundred were told that they were exactly the wrong size: too big to compete with the narrow focus of boutiques and too small to match The Am Law 100′s national footprints and marquee names. But last year, as the financial sector began its meltdown, the Second Hundred’s slow-growth strategies were vindicated.
While average revenue per lawyer (RPL) at The Am Law 100 decreased by 1.2 percent in 2008 (the first decline since 1991), Second Hundred firms were essentially flat. And when the Second Hundred’s national firms, as well as those in the nation’s biggest money centers — Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C.— are left out of the calculations, average RPL growth was 1 percent. In all, 49 Second Hundred firms posted increases in RPL, compared to 42 Am Law 100 firms.
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