Big Law’s Windfall Profits May Lead to Prolonged Rate Pressure

Welcome back to the Big Law Business column on the changing legal marketplace written by me, Roy Strom. This week, we look at the strange relationship between cost and price in the Big Law market. Sign up to receive this column in your inbox on Thursday mornings.

Big Law leaders were concerned at the start of the pandemic that 2020 would be disastrous for their firms’ financial health. It looks, instead, like the year had record profit growth for the AmLaw 100.

Celebrate for now, but market dynamics may imperil elite law firms’ prevailing growth strategy of consistently raising ...