Kirkland & Ellis Clinches Top Spot in 2025 Am Law 100 Rankings
Kirkland & Ellis leads the 2025 Am Law 100 with $10.56B in revenue, up 19.93% year-over-year.
Why it matters: The surge in BigLaw revenue is heightening competition for high-value clients and legal talent, driving increased rate pressure for corporate counsel and intensifying recruitment battles. For in-house legal teams, firm consolidation at the top reshapes negotiation leverage and influences outside counsel selection.
- Kirkland & Ellis reached $10.556B in 2025 revenue, rising 19.93% over the prior year.
- Latham & Watkins grew revenue by 18.57% to $8.3B, solidifying second place.
- Simpson Thacher & Bartlett entered the top 10 after a 22.66% jump to $3.553B.
- 62 firms surpassed $1B in annual revenue, up from 58 in last year’s rankings.
Kirkland & Ellis again set the pace for BigLaw in 2025, securing the Am Law 100’s top spot by generating $10.556 billion in gross revenue—up 19.93% from 2024. This leap, according to Above the Law, far exceeded the Am Law 100’s average revenue growth of 13.3% over the same period.
- Latham & Watkins remained a strong second with $8.3 billion in revenue, reflecting an 18.57% increase.
- Simpson Thacher & Bartlett entered the top 10 by posting $3.553 billion, a 22.66% surge year-over-year.
- 62 Am Law 100 firms reported revenues over the $1 billion mark, up from 58 last year, as total group revenue neared $160 billion.
“The market share held by the largest law firms is consolidating further,” said Patrick Smith, a senior reporter at American Lawyer, noting the increased concentration of key clients and talent among BigLaw’s elite. [American Lawyer]
Global 200 firms also outperformed forecasts, with 11.8% growth in revenue and a 17.9% increase in profits per equity partner. The ‘Super Rich’ threshold in BigLaw now stands at more than $1.45 million in revenue per lawyer and $625,000 in profits per lawyer.
The implications for mid-tier firms are sharper competition for strategic clients and pressures to specialize or merge. Firms outside the top 20 face greater difficulties attracting premium work or maintaining historic profit margins, according to industry analysts.
For corporate counsel, these market shifts demand more rigorous assessment of firm capabilities and fee structures, especially as elite firm rate increases outpace market averages.
By the numbers:
- $10.556B — Kirkland & Ellis 2025 revenue (up 19.93% YoY)
- $8.3B — Latham & Watkins 2025 revenue (up 18.57%)
- 62 — Number of Am Law 100 firms now exceeding $1B in revenue
Yes, but: Some mid-tier firms are finding it harder to compete for top-tier mandates and may need to focus on specialization, regional strength, or merger strategies.
What's next: Am Law 200 rankings are due later this year, which may further highlight consolidation trends and market segmentation among mid-sized firms.