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 please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.

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