Am Law Second Hundred Firms Post 10% Profit Growth in 2025
Profits per equity partner in the Am Law Second Hundred rose 9.5% to $1.2 million in 2025.
Why it matters: The Second Hundred’s robust financials highlight growth opportunities and intensifying competition in mid-tier BigLaw. The widening gap with the Top 100 shapes lateral moves and long-term compensation strategies.
- Average PEP for Second Hundred firms hit $1,207,826, up 9.5% from 2024.
- Collective gross revenue climbed 6% to $29.4 billion.
- Benesch advanced 11 spots to #116, with a 19.7% revenue jump.
- Second Hundred growth lags Am Law 100, where average PEP rose 14% to $3.59 million.
Mid-market law firms are seeing a significant boost in financial performance, as new Am Law 200 data reveals an average profits per equity partner (PEP) of $1,207,826 among the Second Hundred—a 9.5% increase year over year. Gross revenue across these firms grew by 6% to a total of $29.44 billion, while average revenue per lawyer jumped 5.2% to $895,000.
- Benesch, Friedlander, Coplan & Aronoff LLP stands out, climbing 11 places on the Am Law 200 to #116, fueled by a 19.7% increase in gross revenue.
- Despite solid gains, the Second Hundred’s pace trails the Am Law 100, where 2025 saw aggregate gross revenue surge 13% to $178.95 billion and average PEP rise 14% to $3.59 million (industry analysis).
“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,” observed Kent Zimmermann of Zeughauser Group.
This dynamic fuels competition for lateral partners and talent, forcing mid-tier firms to weigh compensation strategies and growth investments to stay competitive in a rapidly evolving legal landscape.
By the numbers:
- $1,207,826 — Average PEP for Second Hundred, up 9.5%
- $29.4B — Second Hundred 2025 gross revenue, up 6%
- $3.59M — Am Law 100 average PEP, up 14%
Yes, but: The widening profitability gap between the Second Hundred and Am Law 100 may challenge mid-tier firms’ ability to attract and retain top talent.