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How Will the Am Law 200 Use Their 2021 Profits?

By Dan Roe
July 01, 2022

For the Am Law 200, 2021 was an anomaly. In a short-term sense, broad-based demand increases drove the best year in revenue and profits since the financial crisis. Gross revenue rose 9.1% as the group's total head count grew by 1.3%. Revenue per lawyer was up 7.7%, and profits per equity partner climbed 11.8%.

Meanwhile, associates enjoyed significant salary increases and most partners saw draws that made up for any losses they sustained in 2020 — or compounded their gains. Rolling into 2022, demand hasn't let up even as deal flow slows down, and most firm leaders with a decent balance of deal lawyers and litigators will tell you they have the countercyclical staffing necessary to make good on the next downturn.

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