Average partner profits soar to $9.25 million
US titan Kirkland & Ellis has reported a record-breaking global revenue of $8.8 billion (£6.8 billion) in 2024, solidifying its position as the world’s highest-grossing law firm.
The firm has seen its revenue surge by an impressive 22% over the past year, while profit per equity partner (PEP) has risen by more than 16%, reaching an eye-watering $9.25 million (£7.1 million). This growth comes despite a 6% increase in equity partner numbers, bringing the total to 573 globally.
With these figures, revenue for each lawyer among the 3,828 across the globe — an increase by almost 9% on last year — sits just shy of $2.3 million (£1.8 million).
Kirkland’s profitability becomes even more striking when compared to the Magic Circle, where average PEP stands at around £2 million — already a substantial figure — highlighting the US firm’s financial strength.
These figures, first reported by The American Lawyer, come just days after Legal Cheek reported on the impressive financials of rival US giant Latham & Watkins. The firm became only the second law firm to surpass $7 billion in revenue—a record first set by Kirkland last year.
Elsewhere in BigLaw financial news, US firm Reed Smith has reported a strong set of financial results. In 2024, for the first time, its annual global revenue surpassed $1.5 billion (£1.2 billion), while PEP climbed an impressive 14% to $1.8 million (£1.4 million). Revenue per lawyer also saw significant growth, breaking the $1 million (£770k) mark with an 11.5% increase.
Reed Smith’s results also show a strong post-Covid comeback in the London office, where revenues are up 15% to $247 million (£190.3 million). This came with an increase in revenue per London lawyer, up nearly 30% to almost $950,000 (£732k).