Despite lawyer growth appearing uniform across the legal industry in 2023, with firms increasing full-time equivalents by an average of 3.3%, a separate examination of the data reveals a striking divergence between big law and midsize firms’ staffing strategies.
The top-tier firms took a more conservative stance, with the Am Law 100 increasing their associate ranks by only 1.7% through November, even when accounting for their fall classes. More details can be found in this week’s report.
In contrast, large and midsize firms adopted what’s been described as “drastically different” strategies, actively cutting back on associate headcount and focusing, it seems, on quality over quantity. On the other hand, midsize law firms continued to grow theirs at an ambitious pace.
These contrasting approaches to staffing are thought to be a continuing trend in 2024. This showcases not just the diverse strategies within the industry, but potentially a shift in the operational dynamics and priorities of big law firms versus their midsize counterparts.