BigLaw Partner Pay Soars as Firms Report Record Profits for 2025

BigLaw firms have announced major partner compensation increases following a highly profitable 2025.

Partner compensation at elite U.S. law firms surged in 2025, as record-breaking financial results reshaped industry benchmarks. Aggressive billing rate hikes and historic profits helped set the stage for substantial pay raises across the BigLaw landscape.

• Average partner billing rates at the 50 largest firms jumped 16% last year, with certain senior partners now exceeding $3,400 per hour.
• Kirkland & Ellis led the pack, posting a 20% revenue increase in 2025 that lifted its profit per equity partner to $11.1 million.
• "The record increase in compensation in this year’s survey was driven in large part by a 26% increase in average partner originations and, to a lesser extent, a 36% increase in billing rates," said Karen Andersen of MLA’s Partner Practice Group.
• Freshfields responded to the changing talent market by introducing a nonequity partner tier in early 2026, adjusting its compensation model from all-equity partnership.

These developments reflect the fierce competition for legal talent and the strategic adjustments firms are making to attract, retain, and reward top performers while keeping partnership platforms sustainable. The ripple effects are being felt through associate compensation as well—with first-year associate salaries at leading firms climbing to $225,000, up from $125,000 in 2000 (JD Journal).

Yes, but: While profitability is up, introducing nonequity partner models signals some firms are seeking ways to control future compensation costs and manage partnership dynamics.

What's next: Watch for more top-100 firms to announce changes in compensation structures and partnership tiers in the coming months.