Law.com has published its latest rankings of the top-grossing law firms in the United States. According to the report, 50 law firms had gross revenue of $1 billion or more in 2022, with 18 firms boasting over $2 billion in gross revenue. The top five firms for gross revenue remained unchanged from 2021, with Kirkland & Ellis leading the pack with $6.51 billion in gross revenue, followed by Latham & Watkins with $5.32 billion, DLA Piper with $3.68 billion, Baker McKenzie with $3.3 billion, and Skadden, Arps, Slate, Meagher & Flom with $3.02 billion.
Despite an overall increase of 2.7% in revenue for the nation’s 100 highest-grossing firms, there was a decrease in revenue per lawyer of 2.6% due to increased headcount and lower demand. Additionally, profits per equity partner saw a decline of 3.7%.
The report also highlights the top three firms for revenue per lawyer, with Wachtell, Lipton, Rosen & Katz taking the top spot with $3.54 million, followed by Sullivan & Cromwell with $2.14 million and Cravath, Swaine & Moore with $1.96 million. The top three firms for profits per equity partner are Kirkland & Ellis with $7.51 million, Wachtell, Lipton, Rosen & Katz with $7.29 million, and Sullivan & Cromwell with $5.98 million.
Law firms that made it to the list of top-grossing firms have been successful in generating revenue through their diversified services, expanding geographical reach, and increasing their headcount. The report indicates that firms that focus on cross-border work, intellectual property, and litigation are among the most profitable.
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While there was an overall increase in revenue for the top-grossing firms, the decline in revenue per lawyer and profits per equity partner indicates that firms will need to adapt to changing market conditions. As the legal industry evolves, firms must prioritize efficiency and innovation to remain competitive.
Law.com’s latest rankings reveal the top-grossing law firms in the United States, with Kirkland & Ellis leading in gross revenue and profits per equity partner. While revenue for the top firms increased overall, there was a decrease in revenue per lawyer and profits per equity partner. This highlights the need for firms to adapt and innovate to remain competitive in the evolving legal industry.