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3. This law firm is ranked No. 1 after posting…

Law Firms

This law firm is ranked No. 1 after posting $8.8B in gross revenue; which other firms are ‘category leaders’?

By Debra Cassens Weiss

April 16, 2025, 9:52 am CDT

Kirkland & Ellis is once again ranked No. 1 for gross revenue in 2024, according to the American Lawyer’s Am Law 100.

Kirkland & Ellis had $8.8 billion in gross revenue, “almost jumping straight into $9 billion territory,” Law.com reports in a story that is one of several reports on the findings.

Other “category leaders” are Wachtell, Lipton, Rosen & Katz, which had the highest revenue per lawyer, at $4.47 million, and Kirkland & Ellis, which had the highest profits per equity partner, at $9.25 million.

Law firms “crushed it” based on financial performance in 2024, the article reports. The nation’s 100 top-grossing firms increased revenue by 13.3% last year, increased lawyer head count by 7.7%, and increased revenue per lawyer by 5.2%.

While revenue increased an average of 13.3% for the top 100 firms, only 20 firms gained that amount or more, according to firm consultants Bruce MacEwan and Janet Stanton, who spoke with Law.com. The other 80 were below that level. MacEwan is the president of Adam Smith Esq., and Stanton is a partner in the organization.

The top five firms for gross revenue are:

1. Kirkland & Ellis, $8.8 billion, up about 22% from 2023

2. Latham & Watkins, $7 billion, up about 23% from 2023

3. DLA Piper, $4.2 billion, up nearly 11% from 2023

4. Skadden, Arps, Slate, Meagher & Flom, $3.6 billion, up about 12% from 2023

5. Gibson, Dunn & Crutcher, $3.5 billion, up nearly 16% from 2023

The top firms for revenue per lawyer are:

1. Wachtell, Lipton, Rosen & Katz, $4.47 million

2. Susman Godfrey, $2.38 million

3. Sullivan & Cromwell, $2.33 million

4. Ropes & Gray, $2.33 million

5. Kirkland & Ellis, $2.29 million

The top firms for profits per equity partner are:

1. Kirkland & Ellis, $9.25 million

2. Wachtell, Lipton, Rosen & Katz, $9.03 million

3. Quinn Emanuel Urquhart & Sullivan, $8.64 million

4. Davis Polk & Wardwell, $7.8 million

5. Simpson Thacher & Bartlett, $7.66 million

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3. ‘Very strong performance’ reported for law…

Law Firms

‘Very strong performance’ reported for law firms in 2024, with revenue increasing 12.5%

By Debra Cassens Weiss

January 29, 2025, 11:59 am CST

Growth in billing rates contributed to a 12.5% increase in law firm revenue in 2024, up from 6% in 2023, according to a year-end survey by Wells Fargo’s Legal Specialty Group.

The 2024 increase was topped only by a 14% increase in revenue reported in 2021.

“The law firm industry experienced very strong performance in 2024,” Wells Fargo reported in a media summary.

More than 130 firms, most of them among the nation’s 200 top-grossing firms, participated in the survey.

Other survey findings for 2024 included:

  • Standard billing rates increased 9.1%, up from an 8.3% increase in 2023.

  • Average profits per equity partner increased 16.9% as firms kept “tight control” over the size of equity partner ranks, which increased by only 0.3%.

  • Demand, measured by billable hours, increased 3.5% for the year, up from 0.7% in 2023.

  • Total expenses increased 9%, up from 6% in 2023. The number likely reflected higher associate bonuses and more year-end expense prepayments.

Firms among the Am Law 50, representing the nation’s 50 highest-grossing firms, did better than the rest. They had growth of 13.9% for revenue, 10% for billing rates, 3.9% for demand and 18.9% for profits per equity partner.

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3. This BigLaw firm surpasses $7B in revenue,…

Law Firms

This BigLaw firm surpasses $7B in revenue, but that’s not metric being watched by many firms

By Debra Cassens Weiss

March 27, 2024, 8:36 am CDT

The nation’s top grossing law firm has crossed the $7 billion line.

Kirkland & Ellis had $7.208 billion in gross revenue for 2023, a 10.6% increase, Law.com reports in a story on the financials reported in 2024.

Kirkland is among several firms that achieved financial milestones in 2023, including several that have reached $1 billion and even $2 billion in gross revenue, Law.com reports in a separate story on the preliminary numbers.

Although firm leaders watch gross revenues, they are often more interested in revenues per lawyer and per partner. If those numbers are good, it can be easier to retain talent and attract laterals.

“Certainly, we look at all these numbers, but the ones that motivate me the most are not the aggregate size of the business,” said Jon Van Gorp, chair of Mayer Brown, in an interview with Law.com. “It’s the revenue per lawyer number, which, we’re continuing to be over a million there, which is important. And the profitability number for the equity partners. To me, those are more watched by our lawyers and the market than just the scale of your business.”

Those numbers are also good at Kirkland. Its profits per equity partner reached $7.955 million after increasing nearly 6%. Revenue per lawyer increased 7.5%, reaching $2.051 million, which is still lower than the amount reported by two firms last year.

Law.com is still gathering financial data. Stories on the results are being published at this link.