BigLaw Partner Profits Jump at Proskauer, Crowell, and Latham in 2025

Profits per equity partner rose sharply in 2025 at Proskauer, Crowell & Moring, and Latham & Watkins.

Major U.S. law firms reported significant financial gains in 2025, with marked increases in profits per equity partner (PEP)—a core metric for law firm performance and partner compensation. Proskauer Rose posted a 13.8% rise in revenue, totaling $1.58 billion, and saw average PEP grow 12.6% to over $5 million. Chairman Tim Mungovan cited a strong consecutive two-year run but did not disclose client or matter specifics.

• At Crowell & Moring, gross revenue climbed by nearly 19% to $743.9 million, and PEP was up by more than 37% to $1.68 million. Leadership attributed some of this outperformance to strong contingency matters, alongside higher profitability in core practices.
• Latham & Watkins reported PEP averaging $8.65 million for 2025, ranking among the industry’s top performers.

The average PEP across Am Law 100 firms reached $3.15 million in 2025, signaling profitability growth not just among elites, but across the upper tier of the U.S. legal sector.

With the American legal market valued at $370–$400 billion, increased PEP affects competition for talent, strategic merger activity, and partner compensation trends across firms aiming to stay competitive.

Yes, but: PEP is an average and does not reflect profit distribution disparities within firms or among nonequity partners.