Kirkland Breaks $10B Barrier as BigLaw Financial Gap Hits Record Highs

Kirkland & Ellis became the first law firm to report over $10 billion in annual revenue in 2025.

The global law firm landscape saw a major shift in 2025: Kirkland & Ellis became the first law firm to exceed $10 billion in annual revenue, highlighting widening stratification at the top of the sector.

• Kirkland reached $10.556 billion in revenue, marking nearly 20% year-over-year growth and setting a new industry benchmark.
• Wachtell, Lipton, Rosen & Katz reported average profit per equity partner (PEP) of $12.152 million—the highest among Am Law 100 peers.
• Latham & Watkins closely followed, increasing revenue 18.6% to $8.3 billion (LawFuel).

The average profit per equity partner in the Am Law 100 hit $3.15 million, up 12.3% year-over-year. Yet, performance variation is stark: top 10 firms now account for nearly one-fifth of total global law firm revenue, according to independent analysis.

Alan Mason, Freshfields’ global managing partner, notes, "We are seeing a bifurcation in the industry where winners take more share." External commentary by John Bowie of LawFuel underscores this, saying, "The rich got richer, the gap widened, and almost nobody at the top is apologising for it."

The American Bar Association pegs the annual U.S. legal market at $370–$400 billion (ABA), but the concentration of that wealth in a handful of top firms is accelerating.

For legal ops and in-house counsel, these trends limit bargaining power with a shrinking slate of market-dominant outside counsel and may drive up rates or reduce service options. Assessing firm financial health and negotiating relationships requires ever-closer scrutiny as consolidation reshapes the landscape.

Yes, but: Most data is focused on the Am Law 100; there is limited independent reporting on mid-size and smaller firms, hindering full analysis of the sector's overall health.