The Am Law 100 and Am Law 200: Law Firm Rankings Explained
The best-known ranking of US law firms, by the numbers: what it measures, how the metrics work, and where to read the official lists — which we describe rather than reproduce.
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What Is the Am Law 100?
The Am Law 100 is an annual ranking of the 100 largest US law firms by gross revenue, published by The American Lawyer magazine (part of the legal-media company ALM). The companion Am Law 200 extends the list to the 200 highest-grossing firms. Beyond gross revenue, the rankings report financial metrics such as revenue per lawyer (RPL) and profits per equity partner (PPEP, also called PEP). Because the full ranked tables are ALM's proprietary work product, we describe how the ranking works and link to the source rather than republishing the figures.
How Firms Are Ranked: Gross Revenue, PPEP, and More
The headline ranking is by gross revenue — the total the firm brought in over the year — which is why the list is dominated by the largest firms. But the rankings are read as much for the profitability metrics they report alongside it. Revenue per lawyer (RPL) divides revenue by headcount, giving a rough sense of how much each lawyer generates. Profits per equity partner (PPEP, also written PEP) divides the firm’s profit among its equity partners and is the number partners and recruiters watch most closely, since it tracks partner take-home. Because a firm can be huge by revenue yet middling by profitability — or small but extremely profitable — the metrics together tell a fuller story than the rank alone.
Am Law 100 vs Am Law 200
The two are the same exercise at different depths. The Am Law 100 ranks the 100 highest-grossing US firms; the Am Law 200 extends the same methodology to the next tier, covering firms ranked 101 through 200 (the second hundred is sometimes called the “Second Hundred”). Together they profile the 200 largest firms by revenue. The Am Law 200 matters because plenty of highly regarded regional and specialist firms live in that second hundred, outside the very top of the revenue table.
2026 Highlights From the Rankings
Year to year, the rankings tend to tell a consistent story with shifting details: the largest firms continue to grow revenue, the gap between the most profitable firms and the rest tends to widen, and mergers periodically reshuffle the order. Rather than restate specific figures — which are ALM’s proprietary data and change annually — we point you to the source for the current year’s numbers. For the surrounding coverage of firm finances, mergers, and moves, see legal news outlets.
Where to Find the Full Lists
The rankings are published by The American Lawyer, and the authoritative place to read the current Am Law 100 and Am Law 200 — with the full tables and the accompanying analysis — is its own site. Because the ranked tables and figures are ALM’s work product, we link to the publisher rather than republishing the list here.
Criticisms and Limits of the Rankings
The rankings are influential, but they are not the whole picture, and it is worth knowing their limits. They measure size and profitability, not the quality of legal work, client outcomes, culture, or diversity. Because gross revenue rewards scale, they naturally favor the biggest firms and say little about excellent smaller or boutique firms. The profitability figures depend on how a firm defines its equity-partner tier, which firms structure differently. And some of the underlying numbers are self-reported and estimated. Read as one useful lens on the business of large law firms — not as a ranking of legal talent — the Am Law lists are genuinely informative. To browse more reference material, return to the Legal Journal homepage.
We are not affiliated with ALM or The American Lawyer and reproduce none of their ranked data. Figures and methodology change year to year; consult the publisher for the current lists. Nothing here is legal or financial advice.