Midsize Firms / Regional Firms

The Pro Mid-Market 50: Ranking The Top Law Firms Just Outside The Am Law 200

These law firms pack a major punch. Check out the new ranking!

By  
on

Money on the edgeWe know how Biglaw fared in 2023, but what about the law firms that fall just outside of the Am Law 200? How did they do?

Law.com recently released its second annual Pro Mid-Market 50 law firm rankings, a list of the midsize 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 while these midsize firms saw declines across average revenue (down 5.5%), average revenue per lawyer (down 0.5%), and average size (down 7.8%) in 2023, this isn’t necessarily cause for concern; with several firms moving up into the Am Law 200, it shows that consolidation is the name of the game among midsize firms that have the urge to merge.

While some firms came out on top, others completely exceeded expectations. How did the Mid-Market 50 stack up?

Here’s an overview of how midsize performed in 2023:

  • Average size: 118 lawyers
  • Average revenue per lawyer: $659,000
  • Average profits per lawyer: $226,000

How did we get here, when compared to Biglaw’s 2023 financials? Law.com has the details:

There’s a close correlation between changes in revenue and RPL when comparing performance of the Pro Mid-Market 50 and the bottom quarter of the Am Law 200. Average revenue in 2023 dropped by 5.5% for the Mid-Market 50, and declined by 4.1% for the Am Law 151-200, according to ALM research. As for RPL, the slight year-over-year decline in average RPL for the Pro Mid-Market 50 in 2023 (0.5%) is fairly close to the 1.8% drop for the Am Law 151-200.

And, profits per lawyer in 2023 were close, averaging $226,000 for the Pro Mid-Market 50, and $273,000 for the Am Law tier four firms, even though the mid-market firms are as small as 46 lawyers.

Sponsored

Now, the moment you’ve been waiting for: the top 10 firms in the Mid-Market 50 rankings (including FY 2023 revenue).

  1. Hodgson Russ: $125,407,000
  2. Hinckley Allen & Snyder: $124,681,000
  3. Warner Norcross + Judd: $124,110,000
  4. Morrison Cohen: $121,846,000
  5. Sullivan & Worcester: $117,646,000
  6. Best Best & Krieger: $114,486,000
  7. Chiesa Shahinian & Giantomasi: $114,060,000
  8. Lane Powell: $107,969,000
  9. Gibbons: $107,949,000
  10. Sherman & Howard: $107,567,000

The full Pro Mid-Market 50 ranking can be found here.

Congratulations to all of the firms that made the second edition of the Pro Mid-Market 50 ranking.

With Some Mid-Market 50 Firms ‘Moving Up,’ Average Revenue Slips in 2023 [Law.com]

Sponsored

Staci ZaretskyStaci Zaretsky is a senior editor at 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 X/Twitter and Threads or connect with her on LinkedIn.

Topics

, , ,