Updated Report for Lawfuel.com – 15 April 2026 – By LawFuel Editors
Latham & Watkins LLP (Latham) has reported record financial results for fiscal year 2025 (ended 31 December 2025), with global gross revenue reaching $8.3 billion, representing an 18.6% increase from approximately $7 billion in 2024. Profit per equity partner (PEP) rose 21.3% to approximately $8.7 million.
The standout achievement is the firm’s London office, which crossed the $1 billion revenue threshold for the first time (up from approximately $850 million in 2024, equating to growth of more than 17%), placing Latham alongside rival Kirkland & Ellis as one of only two major US-headquartered firms to achieve this milestone in the UK market.
The figures, drawn from the firm’s submissions for the 2026 Am Law 100 rankings (released 14 April 2026), have been corroborated across multiple independent legal publications with no material discrepancies.
Latham remains the #2 firm globally by gross revenue (behind Kirkland & Ellis).
Global Revenue Performance
- 2025 Gross Revenue: $8.3 billion (record high).
- Year-on-Year Growth: +18.6% (or “almost 19%”).
- The revenue figures builds on strong 2024 performance (when the firm first surpassed $7 billion). Revenue per lawyer (RPL) has continued to rise, with some sources indicating approximately $2.23 million in 2025 based on updated headcount figures of around 3,700 lawyers.
The firm attributes the growth to robust demand in core practices including M&A, private equity, finance, and capital markets, with Latham reportedly leading on nearly 800 M&A deals in 2025 (values in the $720 billion+ range per some market reports).
London Office Milestone
- 2025 London Revenue: Surpassed $1 billion for the first time.
- Growth: More than 17% year-on-year (from ~$850 million in 2024).
- Significance: London is Latham’s largest non-US office (approximately 1,000 staff). The firm did not officially disclose a regional breakdown, but the $1 billion+ figure is widely reported as confirmed by sources familiar with the firm’s results.
This achievement underscores the continued strength of the UK market for elite US firms and Latham’s successful expansion strategy in Europe.
Profitability and Key Metrics
- PEP (2025): $8.7 million (+21.3% from ~$7.1 million in 2024).
- Other Indicators: Net operating income and overall margins remain strong, consistent with Am Law 100 trends showing collective revenue growth of ~13% and faster net-income growth.
- Headcount: Approximately 3,584–3,724 lawyers (2024–2025 figures; exact 2025 headcount supports the reported RPL increase).
Peer Comparison
Latham’s results reflect the broader “bumper year” for top-tier US firms in 2025 despite economic and political uncertainty.
Kirkland & Ellis remains #1 globally and was the first to hit the $1 billion London mark. Other Am Law peers (e.g., Sidley Austin) also posted strong London growth, but Latham’s scale sets it apart.
Am Law 100 overall data (released simultaneously) shows the top firms continuing to pull away, driven by rate increases, lateral hiring, and high-value transactional work
