Abstract For most of the past few decades, landings in the American lobster (Homarus americanus) fishery in Maine have been increasing, but a recent downturn in catch suggests the fishery may be at an inflection point. Drawing on multiple datasets associated with the fishery, we use this period of transition to review fleet dynamics in the fishery by analyzing how fishing effort has changed through time (2008–2022). When possible, age, gender, geography, and scale of fishing operation are considered to delimit intra-fleet differences. The results of this review reveal large-scale changes in intra-fleet dynamics that help to explain how there has been the appearance of fleet-wide stability for most of the 15-year study period despite mounting socioeconomic and environmental stressors. Changes in intra-fleet dynamics are most evident across geography and scale of fishing operation. In addition, this study finds that prior research has overestimated a key metric of fishing effort in the Maine lobster fishery by an order of magnitude. This latter insight bears significance because the lobster industry is under mounting pressure to reduce risk of gear interactions with large marine mammals, and future management decisions will likely hinge on estimates about fishing effort and the probability of marine mammal interactions. Continued efforts to understand fishing fleet dynamics and how they differ among segments of the fishery are vital to making well-informed policy decisions in the face of change, including the iconic Maine lobster fishery.