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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.