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.
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