The legal industry’s biggest names now operate more like global corporations than traditional partnerships, with several firms generating billions of dollars a year from mergers, private equity, litigation, and cross-border finance work. Based on the most recent Global 200 revenue rankings and Am Law 200 data, here’s how the world’s largest law firms stack up.
A quick note before the list: “biggest” here means highest grossing by annual revenue, not necessarily most prestigious or most profitable per lawyer. Some smaller, elite firms like Wachtell, Lipton, Rosen & Katz generate far more profit per partner than firms twice their size, they just don’t chase headcount or gross revenue the same way.
1. Kirkland & Ellis
Revenue: Over $10.5 billion
Kirkland & Ellis holds the top spot by a wide margin, having become the first law firm in history to cross both the $4 billion and $10 billion annual revenue marks. Founded in Chicago in 1909, the firm’s dominance comes largely from private equity, high-value M&A, restructuring, and complex litigation. It advises many of the largest investment funds and financial sponsors in the world, which has made it the go-to firm for high-stakes dealmaking.
2. Latham & Watkins
Revenue: Approximately $8.3 billion
Latham & Watkins is a decentralized global powerhouse with no single headquarters, though its largest office sits in New York. The firm has broad strength across corporate finance, antitrust, environmental law, and capital markets, and its scale puts it firmly in second place worldwide.
3. DLA Piper
Revenue: Approximately $4.6 billion
Formed through the 2005 merger of DLA and Piper Rudnick Gray Cary, DLA Piper operates in more than 40 countries and is known for its breadth across corporate law, real estate, intellectual property, and litigation. Its client base spans everything from Fortune 500 companies to startups and public institutions.
4. A&O Shearman
Revenue: Approximately $3.7 billion
Created by the 2024 merger of Allen & Overy and Shearman & Sterling, A&O Shearman combines deep London finance market roots with a significantly expanded US corporate practice. The merger was one of the most closely watched combinations in recent legal industry history, reflecting the pressure on elite UK firms to build stronger US footprints.
5. Skadden, Arps, Slate, Meagher & Flom
Revenue: Approximately $4.1 billion
Skadden has long been considered one of Wall Street’s most influential law firms, built on a reputation for takeover work and high-profile corporate litigation. Despite a smaller lawyer headcount than several rivals above it, Skadden consistently generates some of the highest revenue per lawyer in the industry.
6. Gibson, Dunn & Crutcher
Revenue: Approximately $4.2 billion
Founded in California, Gibson Dunn now operates across North America, the Middle East, Europe, and Asia. The firm is particularly well regarded in litigation and white-collar defense, and has represented high-profile clients in major contract and corporate disputes.
7. Sidley Austin
Revenue: Approximately $3.7 billion
Founded in 1866, Sidley Austin has grown into a major global player known for corporate and transactional law, securities work, litigation, and regulatory compliance, serving multinational corporations, investment firms, and government entities.
8. Ropes & Gray
Ropes & Gray is notably smaller by headcount than most other firms on this list, but it punches well above its size in revenue, particularly through its strength in private equity, life sciences, asset management, and healthcare. It has also expanded its presence in London and across Europe in recent years.
9. Baker McKenzie
Revenue: Approximately $3.6 billion
Baker McKenzie built its global reputation by expanding internationally earlier than most competitors, and it remains one of the most recognizable legal brands worldwide. The firm is especially strong in tax, employment, trade, and multinational compliance work, with thousands of lawyers spread across multiple continents.
10. White & Case
Revenue: Approximately $3.6 billion
Founded in New York in 1901, White & Case has grown into a major international firm with a strong focus on banking and finance, M&A, international arbitration, and antitrust. Its international arbitration and cross-border finance practices in particular set it apart from more domestically focused competitors.
What These Rankings Actually Measure
It’s worth understanding what “biggest” means in these rankings, since it shapes how the list should be read.
Revenue rankings (like the Global 200 and Am Law 200) measure total gross revenue, which favors firms with large lawyer headcounts and high-volume corporate work, even if their profit margins per partner are modest compared to smaller, more selective firms.
Headcount rankings favor firms like Dentons, which operates in more than 80 countries through a decentralized structure and ranks among the largest firms in the world by number of lawyers, without necessarily topping the revenue charts.
Profit per equity partner (PPEP) tells a different story entirely. Firms like Wachtell, Lipton, Rosen & Katz, far smaller than any firm on this list, consistently rank among the most profitable law firms in the world on a per-partner basis, since they take on fewer, higher-value matters rather than scaling headcount.
None of these measures is more “correct” than the others. Revenue reflects scale and market reach. PPEP reflects selectivity and margin. Headcount reflects global footprint. The right lens depends on what you’re actually trying to understand about a firm.
Why These Firms Keep Growing
A few trends explain why the numbers at the top keep climbing year over year:
- Private equity and M&A activity continue to generate enormous fee volume for firms with deep bench strength in dealmaking, which is a major reason Kirkland & Ellis has pulled so far ahead of the pack.
- Consolidation through mergers, like the A&O Shearman combination, is reshaping the upper end of the market as firms chase scale and broader geographic coverage, particularly stronger US presence for UK-founded firms.
- Rising demand for regulatory, antitrust, and cross-border work has pushed revenue up across firms with strong international arbitration and compliance practices.
- Technology adoption, including AI-powered legal research and document review tools, is increasingly viewed as a competitive factor, with a large share of legal professionals expecting it to reshape how firms operate and compete going forward.
Final Thoughts
Size alone doesn’t tell you which firm is “best,” and the biggest firms by revenue aren’t always the most prestigious or the most profitable per partner. But these rankings do capture something real: where the largest, most complex, and highest-value legal work in the world is currently concentrated. Kirkland & Ellis’s position at the top, in particular, reflects just how dominant private equity and high-stakes dealmaking have become in shaping the modern legal industry.
Rankings and revenue figures are based on the most recent Global 200 and Am Law 200 data available and are approximate, as firms report on different fiscal calendars and figures are updated annually.
