The Brief:
Law’s billion-dollar club gets smaller.
Kirkland, Latham and DLA Piper cement their place in law’s global elite.
At the top of Big Law, it’s winner-take-all.
Law.com’s 2025 Global 200 data shows the world’s largest firms raked in a total of 11.8% more revenue. But the spoils aren’t evenly spread — the top 10 firms now control nearly 20% of global revenue.
As Freshfields’ global managing partner, Alan Mason put it: “We are seeing a bifurcation in the industry where winners take more share.”
The biggest winner?
Kirkland & Ellis, still untouchable on US$8.8bn revenue, ahead of Latham & Watkins (US$7bn) and DLA Piper (US$4.2bn).
Firm | Revenue (USD) |
|---|---|
Kirkland & Ellis | $8,801,740,000 |
Latham & Watkins | $7,000,000,000 |
DLA Piper | $4,239,832,000 |
A&O Shearman | $3,706,490,000 |
Skadden, Arps, Slate, Meagher & Flom | $3,669,042,000 |
Gibson, Dunn & Crutcher | $3,557,623,000 |
Sidley Austin | $3,439,646,000 |
Ropes & Gray | $3,416,636,000 |
What separates the global elite isn’t just scale. It’s self-sufficiency. These firms are everywhere. Brands recognised in every region. Firepower to service clients across every major market.
Our model is to be in places where our clients need us… Clients want global reach. They need us to be leading in each market and to be comprehensive.
You can be the best lawyer in one city. But that’s not enough if you can’t service clients globally on their most strategic matters, says Alan Mason.
That’s the challenge staring down Australia’s top tiers.
Those prioritising global reach, like HSF Kramer and A&O Shearman with their US mergers, are future-proofing their spot in the elite club.
The other top-tiers may remain regional powerhouses. But without global scale, they risk being left on the sidelines of law’s next big league.
Source: Law.com