Big Law firms in the Am Law 50 have relied on significant billing rate increases to boost profits this year. In contrast, Second Hundred law firms have achieved higher demand with much lower billing rate increases, resulting in profit growth that closely resembles that of the top 50 firms, according to industry sources. The decrease in billing rates for Second Hundred firms may be due to prior rate freezes during the pandemic as they seek to establish a stable margin. Additionally, firms less dependent on deal work have benefited from growth in litigation, employment, and real estate practices.