Elite East Coast and West Coast firms weren’t the only big law firms with banner years in 2021. Several law firms in the Midwest showed big gains in revenue or profit, highlighting how some firm fortunes also rose partly through midmarket deals and work for small and midcap clients.
Some Midwest firms outpaced their peers in the legal industry. For instance, Missouri-founded firms like Polsinelli ($697.3 million) and Husch Blackwell ($476.7 million), both ranked in the second half of the Am Law 100 last year, grew their revenue about 13% and 14%, respectively, this year. That’s above the 10.9% average calculated by Citi Private Bank for firms in the second half of the Am Law 100. Meanwhile, Second Hundred firms such as Shook, Hardy & Bacon ($414.9 million), Michigan-based Honigman (roughly $295 million) and Spencer Fane ($188.5 million) likewise saw double-digit increases in revenue, beating the industry average for firms in this group too.