The
past
year
was
wonderful
for
law
firms,
and
once
again,
the
Am
Law
Second
Hundred
had
an
incredible
showing
when
it
came
to
all
things
financial.
The
American
Lawyer
recently
released
its
Am
Law
200
law
firm
rankings
—
a
closely
watched
list
of
the
smaller
yet
still
elite
law
firms
that
represent
the
very
best
of
what
the
legal
profession
has
to
offer.
The
highlights
from
the
report
reveal
that
in
2025,
Biglaw’s
Second
Hundred
had
much
to
celebrate,
with
gains
across
every
metric,
including
overall
revenue
growth
(6%).
What’s
worth
noting,
however,
is
the
fact
that
the
“gap”
between
the
Am
Law
100
and
the
Second
Hundred
continues
to
increase.
We’ll
chat
more
about
this
in
just
a
moment.
While
some
firms
came
out
on
top,
others
completely
exceeded
expectations.
How
did
the
Am
Law
200
stack
up?
Here’s
an
overview
of
how
Biglaw’s
Second
Hundred
performed
in
2025:
-
Average
profits
per
equity
partner:
$1,207,826,
up
9.5% -
Gross
revenue:
$29,439,024,512,
up
6% -
Average
revenue
per
lawyer:
$895,000,
up
5.2%
How
did
we
get
here?
While
the
Second
Hundred
performed
quite
well,
their
financial
success
seems
a
bit
like
a
drop
in
the
bucket
compared
to
how
well
the
Am
Law
100
did
in
2025.
Here’s
more
on
that
from
Am
Law:
Strategic
adviser
Kent
Zimmermann,
co-chair
at
Zeughauser
Group,
said
the
Second
Hundred
is
challenged
by
lower
rates
and
lower
demand
growth.“The
rate
of
growth
in
the
Second
Hundred
is
lower
on
most
of
the
key
metrics
and
those
firms
are
starting
off
on
a
lower
base,
thereby
creating
a
widening
gap
between
the
Second
Hundred
and
the
Top
100
on
both
size
and
profitability,”
he
said.
That
leads,
Zimmermann
said,
to
less
flexibility
on
compensation
for
most
firms
in
the
Second
Hundred,
which
“creates
a
talent
advantage”
for
the
larger
and
most
profitable
firms.“That’s
the
rub,”
he
said.As
the
gap
grows,
it
is
harder
for
the
smaller
and
less
profitable
firms
to
retain
and
attract
lawyers,
and
the
headwinds
are
particularly
acute
when
an
undersized
firm
loses
high
performers,
he
said.
Beyond
the
financial
impact,
there’s
an
emotional
impact,
Zimmermann
said,
and
partners
may
start
to
question
the
firm’s
future.
It’s
a
tale
of
the
Biglaw
haves
and
have-a-little-lesses,
and
we
of
course
shouldn’t
let
that
take
away
from
the
hard
work
it
took
the
firms
in
the
Second
Hundred
to
get
where
they
are
today.
Now,
the
moment
you’ve
been
waiting
for:
the
top
10
firms
in
the
gross
revenue
rankings,
and
the
top
five
firms
for
the
RPL
and
PPP
rankings.
Gross
Revenue
The
top
10
firms
by
gross
revenue
appear
below,
with
the
Second
Hundred
led
by
a
firm
that
slipped
out
of
the
Am
Law
100.
The
full
Am
Law
200
gross
revenue
chart
can
be
found here.
101.
Gunderson
Dettmer:
$557,500,000
102.
Baker
Donelson:
$558,361,000
103.
Fish:
$556,371,000
104.
Lowenstein
Sandler:
$523,439,000
105.
Jackson
Walker:
$516,977,000
106.
Manatt:
$509,700,000
107.
Cahill:
$502,500,00
108.
Loeb
&
Loeb:
$501,979,000
109.
Snell
&
Wilmer:
$473,974,000
110:
Fisher
&
Phillips:
$464,202,00
Revenue
Per
Lawyer
See
the
alphabetical
Am
Law
200
revenue
per
lawyer
chart here.
-
Kobre
&
Kim:
$2,132,000 -
Munger
Tolles:
$2,030,000 -
Choate
Hall:
$2,029,000 -
Manatt:
$1,753,000 -
Cahill:
$1,711,000
Profits
Per
Equity
Partner
See
the
alphabetical
Am
Law
200
profits
per
equity
partner
chart here.
-
Cole
Scott:
$6,350,000 -
Cahill:
$5,652,000 -
Choate
Hall:
$4,329,000 -
Lowenstein:
$3,753,000 -
Munger
Tolles:
$3,107,000
We
will
undoubtedly
have
even
more
to
say
as
we
continue
to
dig
into
these
numbers.
But
what’s
clear
is
that
the
Second
Hundred
knows
how
to
compete
in
the
legal
marketplace,
and
they’re
doing
just
that.
But
will
they
be
able
to
close
the
gap?
Only
time
will
tell.
The
2026
Am
Law
200:
Ranked
By
Gross
Revenue
[American
Lawyer]
The
2026
Am
Law
200:
At
a
Glance
[American
Lawyer]
Earnings
Are
Growing
For
Second
Hundred
Firms—But
So
Is
the
Gap
[American
Lawyer]
Staci
Zaretsky is
the
managing
editor
of
Above
the
Law,
where
she’s
worked
since
2011.
She’d
love
to
hear
from
you,
so
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