Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

What is Your Definition of a Midsize Law Firm?

13 Oct 2023 · 1 min

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1:00

In this brief dialogue, Speaker A references Intuit’s rule of thumb that firms with ten or more employees are considered mid‑sized, a metric that applies across industries, not just law. Speaker B qualifies the definition by noting two common dimensions: headcount and revenue. They suggest that boutique firms typically have 1‑5 or up to 8 employees, depending on positioning and practice focus. Firms with roughly 7‑15 employees begin to occupy a “mid‑market” gray zone. Moreover, Speaker B points out that some firms with as few as five people can generate revenue comparable to mid‑market firms, highlighting that headcount alone may not capture the full picture. The exchange underscores the lack of a single universal definition and the need to consider both employee count and revenue when categorizing law firms.

Chapters

What's the definition? So we know with Intuit, they look at 10 or more employees is considered a mid-sized firm overall. And this is not just specific to law, but overall, 10 or more employees. And what would you say is what your definition of a mid-sized firm as opposed to a small or a solo?
Let me just qualify this. I should say if we're doing it by people, because revenue is the other The other way. I do feel like maybe 1 to 5, 1 to 8, somewhere in there could still be considered boutique depending on how they're positioned and depending on the work that you're doing. Now, if you are a firm that's sneaking above that, let's say you're sneak sliding in between 7 to 15 or more, you're starting to edge to that middle gray spot of mid-market. But we have had firms in our in our space that are around 5 total that pump out equivalent to what is considered a mid-market in revenue.