US behemoth becomes highest-grossing law firm in the world

The American giant posted more than US$3bn in revenues

US behemoth becomes highest-grossing law firm in the world

An American leviathan sits atop the world of law firms at the moment.

After boosting its turnover by 19% for fiscal 2017, Kirkland & Ellis has become the world’s highest-grossing law firm with US$3.165bn in revenues.

The new record was set by the Chicago-headquartered firm by beating Latham & Watkins by over US$100m. Latham & Watkins, which this week made headlines because of the sudden departure of its chair and managing partner over lewd messages, became the first law firm to surpass US$3bn in revenues with its performance in 2017.

The major top-line growth at Kirkland & Ellis has also translated to a healthy increase to its profits per equity partner, up 15% to US$4.7m, according to data from Law.com.

The growth was spurred by an increase in headcount and a more efficient workforce. The firm grew to 1,997 lawyers, up 13.5% on the year, while its revenue per lawyer rose to US$1.585m, up 5.2% from fiscal 2016.

Kirkland & Ellis first passed US$2bn in revenues in 2013, which makes its four-year revenue growth total 57%. That’s particularly significant because the firm did not merge with another large law firm, which would have dramatically boosted its revenue.

 

Related stories:
World’s first US$3bn law firm
America’s largest law firms post record revenues in 2016
 

Recent articles & video

Law Squared named Melbourne Symphony Orchestra's international legal partner

Law Council of Australia criticizes newly passed Migration Amendment (Bridging Visa Conditions) Act

Addleshaw Goddard elects new managing partner

Global Best in Law 2023 revealed

Thomson Geer advises Accolade Wines on House of Arras sale

Recruitment for deputy presidents and senior members of new Administrative Review Tribunal begins

Most Read Articles

MinterEllison solicitor wins first Queensland Government John Monash Scholarship

Holding Redlich appoints seasoned investment funds star as new partner

Thomson Geer advises Accolade Wines on House of Arras sale

Maddocks assists CleanPeak Energy on its acquisition of three solar farms