The Brief:
HSF Kramer posts US$2.4bn in revenue for its first year as a combined firm, more than double the synergy target set at the merger.
PEP lands at US$2.05m, as the firm eyes Texas, DC and Silicon Valley as its next growth play.
HSF Kramer has dropped its first set of financial results since the transatlantic tie-up between Herbert Smith Freehills and Kramer Levin, and the numbers are strong.
Revenue came in at US$2.407bn (A$3.45bn) for the period 1 May 2025 to 30 April 2026, covering a full 12 months of legacy HSF and 11 months of legacy Kramer Levin from when the combination went live in June 2025.
Profit came in at US$850.8m (A$1.22bn), with PEP hitting US$2.05m (A$2.94m), sitting in between what the two firms posted solo before joining forces — £1.4m PEP for HSF pre-merger and US$2.4m for Kramer Levin.
HSF Kramer’s US$2.05m PEP still trails the pack. A&O Shearman climbed 12% to US$2.9m, Clifford Chance rose 9% to £2.3m, and Linklaters posted £2.48m, all ahead of HSF Kramer’s first combined-year number.
The firm grew revenue across every region it operates in, with double-digit growth in Asia and EMEA.
We were always confident that the combination of Herbert Smith Freehills and Kramer Levin was a strong fit, but the success of the integration has exceeded those expectations. We surpassed our FY26 financial goals, achieving synergy revenues that were more than double the target set at the time of the combination.
HSF Kramer now counts 2,700 lawyers across 26 offices. It added 51 partners globally this year, including 15 in the US, headlined by Burr Eckstut joining from White & Case to lead its US tech transactions practice, plus a trio of M&A partners poached from Paul Hastings.
The US hires are a sign of where the firm’s head is at.
HSF Kramer is clearly doubling down on America, targeting growth in energy, private capital, class action defence and restructuring, with a focus on funds, pension capital and infrastructure investors. That means building out energy and infrastructure in Texas, litigation and appellate bench in Washington DC, and transactional tech capability in Silicon Valley.
Source: Global Legal Post