Kirkland Becomes First $10B Law Firm, Wachtell Sets Profit Record
Kirkland & Ellis is the first law firm to report over $10B in annual revenue, per Am Law 100.
Why it matters: Top law firm revenue and profit figures shape legal industry benchmarks, recruitment, and strategic planning. Kirkland and Wachtell’s performance signals evolving economics, firm structures, and new pressures in the legal sector.
- Kirkland & Ellis recorded $10.56B in 2025 revenue, a 20% increase year-over-year.
- Kirkland’s profits per equity partner reached $11.1M—up 80% since 2020.
- Wachtell, Lipton, Rosen & Katz reported $9.036M PEP for 2024, up 6.2%, and a 78% profit margin from one New York office.
- Average profits per equity partner across the Am Law 100 rose to $3.15M, up 12.3% from 2023.
- Non-equity partners now form 50.9% of Am Law 100 partners; firmwide lawyer headcount climbed 7.7% to 123,953.
Kirkland & Ellis set a new industry milestone, crossing $10 billion in revenue for 2025—up 20% from the previous year. Profits per equity partner (PEP) soared to $11.1 million, a dramatic 80% jump since 2020, outpacing even most peer firms’ total earnings.
- In perspective: Kirkland added $1.75 billion to its top line in 2025, a figure comparable to the entire annual revenue of a top-30 Am Law firm.
- Growth factors include Kirkland’s deep push into high-stakes litigation and complex "mass torts," or large-scale lawsuits involving many plaintiffs and defendants, which drive demand for sizable legal teams.
- Wachtell, Lipton, Rosen & Katz, operating with a single Manhattan office and 86 equity partners, leads in profitability. Its 2024 PEP rose 6.2% to $9.036 million with an estimated 78% profit margin—well above industry average.
- Across the Am Law 100, average PEP hit $3.15 million, reflecting a strong 12.3% year-over-year gain.
- Structural changes are notable: firms expanded, with total lawyer headcount up 7.7% in 2024 to 123,953, while non-equity partners now make up 50.9% of all partners—signaling new approaches to compensation and firm hierarchy.
These figures illustrate a shifting landscape, with a handful of giants pulling away from the pack. As Kirkland and Wachtell reset financial benchmarks, other firms may rethink growth, specialization, and partner structures to compete.
For a full breakdown, see Bloomberg Law’s coverage and LawFuel’s infographic.
By the numbers:
- $10.56B — Kirkland & Ellis 2025 revenue, first in Am Law 100 history
- $9.036M — Wachtell 2024 profits per equity partner, highest reported PEP
- 123,953 — Total lawyer headcount at Am Law 100 firms in 2024
Yes, but: The spike in profits and expansion can mask disparities between top-performing firms and the broader legal industry, which may not see equivalent gains.
What's next: BigLaw firms are expected to face continued competition for high-value litigation and transactional work, while talent management strategies evolve to address the rising share of non-equity partners.