Law Firms

Insights, strategies, and resources for this topic.

Law Firms
Baker McKenzie Prepares for Leadership Transition as Global Chair Milton Cheng Steps Down

Milton Cheng to conclude his term as Baker McKenzie's global chair in October 2025, with elections looming to select his successor.

Law Firms
Feb 18, 2025
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Career
Shifts in Partner Retention and Mobility Within Elite Law Firms

A handful of Big Law firms known for partner retention are seeing unexpected departures in 2025, highlighting vulnerabilities in compensation structures and market shifts.

CareerLaw Firms
Feb 15, 2025
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Law Firms
Law Firm Partner De-Equitizations Expected to Continue Into 2025

Multiple Am Law 100 firms, as well as midsize and regional law firms, have de-equitized partners in recent months in what is widely described as “sound financial management of the firm“.

Law Firms
Dec 05, 2024
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Law Firms
Law Firms Explore Middle-Ground Approaches to Partner Pay Transparency

Law firms are taking a variety of approaches to relieve the internal tension that comes from releasing partner pay data, including releasing numbers in bands or obscuring a partner's pay numbers for at least the first handful of years they're in the partnership.

Law Firms
Dec 03, 2024
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Law Firms
Partner Class Sizes Shrink for Second Consecutive Year

New partner class sizes shrunk by an average of 4% among 22 Am Law 100 firms that made announcements by late November. The trend continues the decline that began in 2023 after firms promoted large class sizes in 2022.

Law Firms
Dec 02, 2024
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Herbert Smith Freehills and Kramer Levin Announce $2B Merger
Herbert Smith Freehills and Kramer Levin Announce $2B Merger

Herbert Smith Freehills and Kramer Levin Naftalis & Franke plan to merge to create one of the largest law firms in the world with more than $2 billion in revenue, 2,700 lawyers and 640 partners across 25 offices.

Law Firms
Nov 12, 2024
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Big Law to Raise Billing Rates in 2025, But Profitability Gains Uncertain
Big Law to Raise Billing Rates in 2025, But Profitability Gains Uncertain

Big Law firms will likely continue to increase billing rates at a significant clip in 2025, following a similar upward trend reported this year, when 60% of firms increased worked rates by 6% or more, according to the 2024 Strategic Pricing Survey from LawVision.

Law Firms
Oct 18, 2024
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Compensation
Law Firms Turn to Partner Pay Cuts to Preserve Top Talent

Even as top law firms have reached new revenue and profitability peaks, between 10% and 30% of partners are making less money year to year, as firms focus on retaining top performers.

CompensationLaw Firms
Oct 15, 2024
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Law Firms
Kirkland & Ellis Promotes 200 New Partners This Year

Kirkland & Ellis announced that it was that it was promoting exactly 200 attorneys to partner this year. The total is slightly less than last year's 205, making it the first time the class has decreased year-over-year in the last eight years.

Law Firms
Oct 03, 2024
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U.S. Law Firm Mergers Gain Momentum
U.S. Law Firm Mergers Gain Momentum

Second 50 law firms are climbing the industry ladder with significant combinations designed to add scale and expand their practice area and geographic reach.

Law FirmsMergers and Acquisitions
Sep 11, 2024
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Law Firms
Big Law Drives Litigation Finance into a $15.2 Billion Industry

Litigation finance has evolved into a $15.2 billion market, with many of the biggest U.S. law firms now leveraging third-party funding to pay the costs of more complex or long-running lawsuits.

Law Firms
Sep 05, 2024
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Law Firms
Am Law 50 Firms Continue to Outpace the Legal Industry in 2024

Am Law 50 firms are outpacing the broader legal market in 2024, seeing higher demand and revenue growth.

Law Firms
Aug 27, 2024
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