Press Room

New York, NY – January 19th, 2023 – ALM has released a new rankings report called The Mid-Market Pro 50. This report ranks the top 50 revenue-grossing US-based law firms outside of the Am Law 200 that disclose financial performance & firm staffing information to ALM. The report, which examines key performance indicators from the 2021 fiscal year, also includes a ranking of the Mid-Market Pro 50 based on revenue per lawyer and attorney headcount, as well as an analysis of revenue and profitability metrics by US-headquartered region.

“The Mid-Market Pro rankings demonstrate just how well-run and competitive mid-market law firms are,” said Hank Grezlak, Editor-in-Chief, Regional Brands & Legal Themes, ALM. “It provides a valuable research tool that provides key data on a very important and vibrant segment of the legal market. As someone who has covered midsize law firms his entire career, I found the rankings illuminating and I’m sure they will provide the basis for additional analysis and coverage by our editorial team for Law.com.“

Key Takeaways from this report include:

• The Mid-Market Pro 50 generated combined revenue of $3.6B in FY 2021, compared to the $3.4B generated by those Am Law 200 firms ranked 176 to 200. Average revenue and revenue per lawyer (RPL) across the Mid-Market Pro 50 in FY 2021 stood at $72.1M and $601K, respectively
• Broken down by US HQ region, Mid-Market Pro 50 firms headquartered on the West Coast generated the highest median revenue, while southern-located firms (incorporating the US Southeast and Southwest) posted the highest median RPL
• Mid-Market Pro 50 firms headquartered in the US Southeast and Southwest regions also generated the highest median profits per lawyer (PPL) and profits per equity partner (PPP)

“ALM’s inaugural Mid-Market Pro 50 showcases those firms operating in an important and ever-evolving area of the US law firm landscape,” said James Willer, Director of Legal Intelligence, ALM. “As the legal market enters a post-Covid era, we can expect to see a significant shift in how mid-market firms operate in terms of the strategies, business models, and transformation agendas they pursue. This will only be exacerbated by the continued encroachment of new competitors, such as ALSP’s, into this space.”

“The report also evaluates aspects of FY2022 performance and profitability, as well as market assessments and predictions for 2023 gathered from ALM’s quarterly economic flash survey,“ said Dan Masopust, Legal Analyst, ALM. “Breaking down survey responses by Am Law 200 and mid-market firms allowed us to produce unique analysis on how mid-market firms performed in comparison to the Am Law 200 in 2022, as well as where they think they’re headed in 2023.“

The data was collected by ALM’s Survey & Research team and the report was created in collaboration with ALM’s Analysts and Mid-Market Editorial team. The financial performance and staffing data for each firm was disclosed by the firm to ALM via the AM Law 200/NLJ 500 Survey. 

Current Law.com subscribers, Law.com Pro Mid-Market members and Law.com Compass subscribers can now download the full report. Law.com Compass customers can download the raw data as an excel spreadsheet. 

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