AmLaw 200 Revenue Up 12.6% in 2025; Second Hundred Posts $29.4B at $895K RPL
The top 200 U.S. law firms closed 2025 with revenue growth of 12.6%, matching 2024's pace, according to a Wells Fargo Legal Specialty Group analysis. Average standard billing rates grew 9.6%, while demand — measured by billable hours — rose 3.5%. The Second Hundred specifically posted $29.4 billion in total revenue, with revenue per lawyer (RPL) reaching $895,000, up 5.2% year-over-year. Demand wa
BY FRONTIER DESK · JUNE 29, 2026 · 1 MIN READ
The top 200 U.S. law firms closed 2025 with revenue growth of 12.6%, matching 2024's pace, according to a Wells Fargo Legal Specialty Group analysis. Average standard billing rates grew 9.6%, while demand — measured by billable hours — rose 3.5%. The Second Hundred specifically posted $29.4 billion in total revenue, with revenue per lawyer (RPL) reaching $895,000, up 5.2% year-over-year. Demand was strongest in megacap M&A, debt capital markets, investment funds, litigation, employment, infrastructure, and trade. Mid-market M&A recovered in Q4 after lagging earlier in the year. For pricing teams, the data reinforces that rate discipline, not volume alone, is driving the current cycle.