The Am Law Second Hundred law firms had a remarkable year in 2024, showcasing an 11.1% revenue growth, nearly matching the 13.3% growth of the Am Law 100. They excelled in various financial benchmarks, including profit margins and revenue per lawyer, illustrating a shift from previously more modest profitability metrics. Experts noted that the strong performance results from firms adapting to higher billing rates, reflecting the success of investments made in talent and technology. As highlighted by industry voices, this year signifies a 'harvest' period in profitability for these firms after previous investment phases.
"It is payoff and profitability," Marcie Borgal Shunk, president and founder of The Tilt Institute, said in an interview. "I think the firms are doing a really good job in..."
"Last year, industry experts pointed to the comparatively lower profitability metrics of the Second Hundred and described it as an 'investment story.' This year, those experts say it is the harvest."
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