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\u2019s more on that from Am Law<\/a>:<\/p>\n Strategic adviser Kent Zimmermann, co-chair at Zeughauser Group, said the Second Hundred is challenged by lower rates and lower demand growth.<\/p>\n \u201cThe 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,\u201d he said. That leads, Zimmermann said, to less flexibility on compensation for most firms in the Second Hundred, which \u201ccreates a talent advantage\u201d for the larger and most profitable firms.<\/p>\n \u201cThat\u2019s the rub,\u201d he said.<\/p>\n 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\u2019s an emotional impact, Zimmermann said, and partners may start to question the firm\u2019s future.<\/p>\n<\/blockquote>\n It\u2019s a tale of the Biglaw haves and have-a-little-lesses, and we of course shouldn\u2019t 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\u2019ve been waiting for: the top 10 firms in the gross revenue rankings, and the top five firms for the RPL and PPP rankings.<\/p>\n Gross Revenue<\/strong><\/p>\n 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\u00a0here<\/a>.<\/p>\n 101. Gunderson Dettmer: $557,500,000 Revenue Per Lawyer<\/u><\/strong><\/p>\n See the alphabetical Am Law 200 revenue per lawyer chart\u00a0here<\/a>.<\/p>\n Profits Per Equity Partner<\/u><\/strong><\/p>\n See the alphabetical Am Law 200 profits per equity partner chart\u00a0here<\/a>.<\/p>\n We will undoubtedly have even more to say as we continue to dig into these numbers. But what\u2019s clear is that the Second Hundred knows how to compete in the legal marketplace, and they\u2019re doing just that. But will they be able to close the gap? Only time will tell.<\/p>\n The 2026 Am Law 200: Ranked By Gross Revenue<\/a> [American Lawyer]<\/p>\n The 2026 Am Law 200: At a Glance<\/a> [American Lawyer]<\/p>\n Earnings Are Growing For Second Hundred Firms\u2014But So Is the Gap<\/a> [American Lawyer]<\/p>\n Staci Zaretsky<\/a>\u00a0is the managing editor of Above the Law, where she\u2019s worked since 2011. She\u2019d love to hear from you, so please feel free to\u00a0email<\/a>\u00a0her with any tips, questions, comments, or critiques. You can follow her on\u00a0Bluesky<\/a>,\u00a0X\/Twitter<\/a>, and\u00a0Threads<\/a>,\u00a0or connect with her on\u00a0LinkedIn<\/a>.<\/em><\/strong><\/p>\n The post The Am Law 200: Biglaw\u2019s Second Hundred Firms Bask In Financial Success, With Strong Metrics Across The Board<\/a> appeared first on Above the Law<\/a>.<\/p>\n 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.<\/p>\n The American Lawyer recently released its Am Law 200 law firm rankings \u2014 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\u2019s Second Hundred had much to celebrate, with gains across every metric, including overall revenue growth (6%). What\u2019s worth noting, however, is the fact that the \u201cgap\u201d between the Am Law 100 and the Second Hundred continues to increase. We\u2019ll chat more about this in just a moment. <\/p>\n While some firms came out on top, others completely exceeded expectations. How did the Am Law 200 stack up?<\/p>\n Here\u2019s an overview of how Biglaw\u2019s Second Hundred performed in 2025:<\/p>\n 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\u2019s more on that from Am Law<\/a>:<\/p>\n Strategic adviser Kent Zimmermann, co-chair at Zeughauser Group, said the Second Hundred is challenged by lower rates and lower demand growth.<\/p>\n \u201cThe 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,\u201d he said. That leads, Zimmermann said, to less flexibility on compensation for most firms in the Second Hundred, which \u201ccreates a talent advantage\u201d for the larger and most profitable firms.<\/p>\n \u201cThat\u2019s the rub,\u201d he said.<\/p>\n 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\u2019s an emotional impact, Zimmermann said, and partners may start to question the firm\u2019s future.<\/p>\n<\/blockquote>\n It\u2019s a tale of the Biglaw haves and have-a-little-lesses, and we of course shouldn\u2019t 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\u2019ve been waiting for: the top 10 firms in the gross revenue rankings, and the top five firms for the RPL and PPP rankings.<\/p>\n Gross Revenue<\/strong><\/p>\n 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\u00a0here<\/a>.<\/p>\n 101. Gunderson Dettmer: $557,500,000 Revenue Per Lawyer<\/u><\/strong><\/p>\n See the alphabetical Am Law 200 revenue per lawyer chart\u00a0here<\/a>.<\/p>\n Profits Per Equity Partner<\/u><\/strong><\/p>\n See the alphabetical Am Law 200 profits per equity partner chart\u00a0here<\/a>.<\/p>\n We will undoubtedly have even more to say as we continue to dig into these numbers. But what\u2019s clear is that the Second Hundred knows how to compete in the legal marketplace, and they\u2019re doing just that. But will they be able to close the gap? Only time will tell.<\/p>\n The 2026 Am Law 200: Ranked By Gross Revenue<\/a> [American Lawyer]<\/p>\n The 2026 Am Law 200: At a Glance<\/a> [American Lawyer]<\/p>\n Earnings Are Growing For Second Hundred Firms\u2014But So Is the Gap<\/a> [American Lawyer]<\/p>\n Staci Zaretsky<\/a>\u00a0is the managing editor of Above the Law, where she\u2019s worked since 2011. She\u2019d love to hear from you, so please feel free to\u00a0email<\/a>\u00a0her with any tips, questions, comments, or critiques. You can follow her on\u00a0Bluesky<\/a>,\u00a0X\/Twitter<\/a>, and\u00a0Threads<\/a>,\u00a0or connect with her on\u00a0LinkedIn<\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" 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 \u2014 a closely watched list of the smaller yet still elite law firms that represent the […]<\/p>\n","protected":false},"author":3,"featured_media":150416,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-150415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-above_the_law"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/xira.com\/p\/wp-content\/uploads\/2026\/05\/Staci-Zaretsky-o5v3xM.jpg?fit=150%2C100&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/150415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/comments?post=150415"}],"version-history":[{"count":0,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/150415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media\/150416"}],"wp:attachment":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media?parent=150415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/categories?post=150415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/tags?post=150415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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<\/p>\n\n
\n
\n![\"\"](\"https:\/\/i0.wp.com\/abovethelaw.com\/wp-content\/uploads\/sites\/4\/2016\/11\/Staci-Zaretsky.jpg?resize=150%2C100&ssl=1\" "\\"\\"")
![\"\"](\"https:\/\/i0.wp.com\/abovethelaw.com\/wp-content\/uploads\/sites\/4\/2025\/06\/money-hundreds-GettyImages-2177624474-300x151.jpg?resize=300%2C151&ssl=1\" "\\"\\"")
<\/figure>\n\n
\n
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<\/p>\n\n
\n
\n