Kirkland & Ellis has once again taken the top spot as the world’s highest-grossing law firm, adding almost $400 million to its top line and with a growth in turnover to $4.15 billion.
Chicago-based Kirland & Ellis revealed its 2019 results with a 10 per cent increase in revenue and with its profit per equity partner (PEP) reaching $5.2 million.
Last month, Latham reported its second consecutive year of double-digit growth as its revenue surged to $3.77bn in 2019 while profit per equity partner (PEP) hit $3.78m.
Although there are no regional breakdowns for the firm but has grown its revenues through fund formation, private equity and restructuring work globally including the $63bn acquisition of Allergan by US biopharmaceutical company AbbVie and the acquisition underpinning the $90bn merger between Bristol-Myers Squibb and Celgene.
The firm had an increase in its head count by 13 per cent with revenues dropping 2 per cent from the previous year with 141 partners.
Kirkland’s Unusual Model
Kirkland’s business model differs from many firms because it makes up its numbers through its internal ranks and before considering those entitled to the equity partnership.
Associates can become salaried partners after six years, which is earlier than many big law firms and last year’s firm promotions saw a total of 531 partners made up in the past five years.
Recently on LawFuel
- Lawfront Hits £175m As Private Equity Legal Roll-Up Adds Two More Firms
- Top 5 Custom AI Development Companies for Growth in 2026
- Slaughter And May Still Rules London’s Listed Market. The Problem Is The Market Is Shrinking
- Big Law Firms Have Been Keeping the AI Savings – Now Wall Street Wants Them BackGoldman Sachs, Morgan Stanley and Citi are asking a rather uncomfortable question of their outside lawyers: if AI is making legal work faster, why aren’t the bills getting smaller? Power Points Goldman Sachs, Morgan Stanley and Citigroup are pushing major law firms to demonstrate how AI efficiencies are being reflected in their legal bills. Citi has begun asking firms bidding for work to explain their AI-related savings, while Morgan Stanley is moving much of its outside legal work toward competitive bidding and alternative fee arrangements. The pressure goes directly to the BigLaw leverage model, where armies of associates traditionally generated large volumes of billable hours. New LexisNexis research shows 94 per cent of lawyers now use AI for legal work and 55 per cent expect AI to change law firm billing. The battle is shifting from whether lawyers should use AI to a much more interesting question: who gets the financial benefit? For the past few years BigLaw has been enthusiastically telling anyone within PowerPoint range that artificial intelligence will transform legal practice and clients have been listening.
- When a Software Bug Becomes a Legal Problem: What Businesses Should Know
- Does Your Massachusetts Police Report Go to Your Insurer?
- Legal AI – Can’t Work Without It: Why 15% of Big Law Attorneys Are Now Officially Dependent on AIAccording to fresh survey data from LexisNexis UK, 15% of lawyers at large commercial law firms now admit they are completely dependent on AI to carry out their daily legal work. The reliance is almost as pronounced in corporate legal departments, where 13% of in-house counsel report identical dependency. Artificial intelligence in the legal sector has crossed the rubicon from experimental pilot project to standard operating equipment. Log in to read ., .
- Why Modern Law Firms Need Smarter Access Control Systems to Protect Client Confidentiality
- The five moments a growing business wishes it had called its solicitor sooner
- The Benefits and Challenges of Shared Child Custody
- What Does It Mean When Someone Calls Themselves Esquire
- What is still missing to close the gap between law firms and legal departments?
