Key points:
- Total gross revenue for Am Law 100 firms grew to $158.3B, up 13.3% year-over-year.
- Kirkland led in gross revenue and profits, while Paul Weiss posted the biggest revenue jump at 31.6%.
- Wachtell topped rankings for profits per equity partner, profits per lawyer, and compensation.
The 2025 Am Law 100 rankings reveal a year of sharp financial gains for many of the country’s largest law firms, with gross revenue climbing 13.3% to $158.3 billion. The numbers reflect the legal industry's resilience and growing profitability despite macroeconomic uncertainty.
Revenue Leaders and Growth
Kirkland & Ellis retained its place at the top with the highest gross revenue, followed by Latham, DLA Piper, and Skadden. In total, 27 firms reported over $2 billion in revenue. Paul Weiss saw the largest year-over-year revenue increase at 31.6%, adding $1.28 million in new revenue.
Revenue Per Lawyer and Profit Metrics
Revenue per lawyer (RPL) across the Am Law 100 averaged $1.28 million, marking a 5.2% increase. Wachtell led the pack with the highest RPL at $4.47 million, while Dentons (verein) came in lowest at $464,000. Dechert posted the biggest RPL jump (28.1%), while Susman Godfrey saw a 33.5% drop.
Profits per equity partner (PEP) rose 12.3% to an average of $3.15 million. The gap between highest and lowest PEP reached $8.66 million, with Wachtell again topping the chart and Wilson Elser at the bottom. Dechert, Cadwalader, Milbank, Nelson Mullins, and Debevoise were the top five firms for PEP growth.
Total Profits and Profit Margins
Several firms reported over $1 billion in profits, including Kirkland, Latham, and Skadden. Profits per nonequity partner averaged $687,824. Wachtell led in profit margin (78%), while Wilson Elser was at the bottom (14%).
Workforce Expansion and Productivity
The total number of lawyers in Am Law 100 firms grew by 7.7%, reaching 123,953. DLA Piper, Dentons, and Baker McKenzie remained the largest firms by headcount. Gordon Rees posted the highest billable hours per lawyer at 1,934, while Sheppard Mullin had the lawyer with the most individual billable hours: 3,800.
Partnership Structure and Compensation
Nonequity partners now comprise 50.9% of all partners across the Am Law 100. Gordon Rees had the highest share of nonequity partners at 90.6%. Wachtell again led in average compensation for all partners at $9.04 million, compared to Wilson Elser’s $398,000. Overall partner compensation averaged $1.89 million. Susman Godfrey saw the biggest drop in partner compensation, down 37.2%.
This year’s Am Law 100 data—compiled across dozens of financial indicators illustrates not only the dominance of a few firms like Kirkland and Wachtell, but also emerging momentum among firms like Paul Weiss and Dechert. Designed by Rashmita Choudhury, the full infographic offers a visual deep dive into a transformative year for Big Law.
