The LawFuel Big Law Firm List

Ben Thomson – Unveiling the biggest law firms in the world – In the complex tapestry of global business, the role of law firms is more pivotal than ever. We have looked at the best firms in the world on the Vault Rankings, but what are the highest grossing law firms in revenue terms?

There are multiple law firm ranking agencies and publications, like the Vault 100 rankings and many of the big law firms in the List are also – as might be expected – the biggest law firms in New York where many of the so-called ‘white shoe’ law firms have their origins.

>> See LawFuel’s 30 Most Prestigious Law Firms List

However they also include the biggest law firms in the UK where the Magic Circle law firms are making their mark on the global legal stage with their expansion into the global law market.

From corporate mergers to intellectual property disputes, these legal powerhouses are at the forefront of shaping our economic and social landscapes. As we close 2023, let’s delve into the current giants of the legal world, examining the top 10 law firms by their global standing, revenue, and influence.

1. Kirkland & Ellis LLP

Global Revenue (2023): $7.2 Billion

Headquartered in Chicago, Kirkland & Ellis continues to dominate the legal scene. Their revenue soared to an impressive $7.2 billion in 2023, thanks to their expanding global presence and a client roster featuring behemoths like Boeing and General Motors.

The firm remains a leader in corporate, intellectual property, and litigation sectors although it has faced some commentary recently over whether the behemoth that it is might be facing issues over sustaining its incredible growth.

2. Latham & Watkins LLP

Global Revenue (2023): $5.7 Billion

Los Angeles-based Latham & Watkins holds its position with a reported $5.7 billion in annual revenue.

The firm has over 3000 attorneys, offer services, ranging from entertainment law to real estate, cater to a diverse clientele. With an ever-expanding global footprint, which runs from the US and Europe to Asia and the Middle East, Latham & Watkins leads in many areas of international law in transactions, dispute resolution, environmental law, litigation and other areas.

3. DLA Piper

Global Revenue (2023): $4 billion

DLA Piper, born from a historic merger between the UK-based DLA, the Chicago-based Piper Rudnick and the Californian Gray Cary Ware & Freidenrich has now created a law firm empire that boasts an extensive network spanning over 40 countries and a lawyer headcount of over 4000.

With headquarters in both London and Chicago, the firm’s 2023 revenue hit $4 billion, a testament to its robust practices in sectors like technology and government contracting, along with real estate, private equity work and others.

The firm abbreviated its name to DLA Piper in 2006 to help build its massive global brand and has continued its trajectory towards one of the largest law firms in the world.

4. Baker McKenzie

Global Revenue (2023): $3.5 Billion

With roots in Chicago and branches in over 70 countries, Baker McKenzie’s 2023 revenue reached $3.5 billion. Despite starting after World War II the firm has been the master at taking on the world, with offices across 78 offices in 47 countries and with over 3000 lawyers. The firm has offices, it would appear, in as many places as McDonalds (we exaggerate, but you get the point: this is one monster global firm).

Their expertise in areas like antitrust and private equity continues to bolster their global standing, reflecting a strategic blend of local and international legal prowess. Understandably, its expertise is in cross border work involving multiple jurisdictions, which is hardly surprising given the vast network the megafirm operates.

5. Dentons

Global Revenue (2023): $3.3 Billion

The result of a series of strategic mergers that Vault Rankings described as the ‘Pac-Man’ of law firms, Dentons has carved out a unique space with no centralized headquarters but a sprawling global presence. Ranking fifth with a revenue of $3.3 billion, the firm’s influence stretches across 80 countries, underlining its commitment to legal services on a global scale.

The array of tie-ups and mergers have seen Dentons expand their international footprint in every major and many minor territories and jurisdictions, building their practices in energy, property, transactional and regulatory work with a strong focus upon their firm welfare and culture to blend the disparate practice groups.

6. Skadden, Arps, Slate, Meagher & Flom LLP

Global Revenue (2023): $3.1 Billion

Commonly known as Skadden, this New York-headquartered firm reports $3.1 billion in revenue. The firm was the first to exceed the gold-plated $1 billion in revenues and although it was renowned for its powerhouse work in mergers and acquisitions it has evolved into an equally powerful practitioner across a range of transational and litigation areas.

Renowned for its advisory services to businesses and financial institutions, Skadden’s expertise spans over 50 practice areas, solidifying its position as a global legal advisor.

7. Sidley Austin

Global Revenue (2023): $2.95 Billion

Originating in 1866, Sidley Austin, with its roots in Chicago, continues to flourish with a reported $2.95 billion revenue in 2023. The firm’s focus areas like corporate finance and regulatory affairs have kept it at the forefront of legal innovation like many firms dealing with AI and other legaltech developments.

Sidley Austin has over 2300 lawyers in its 21 offices and famously was the law firm where Michelle and Barack Obama met. It has a strong appellate practice and also focuses upon M&A and private equity, regulatory, litigation, life sciences, energy, environmental law, capital markets.

8. White & Case

Global Revenue (2023): $2.9 Billion

Celebrating over a century in the legal field, White & Case’s revenue stood at $2.9 billion. Based in New York with a global span across 47 locations, the firm’s expertise in sectors like healthcare and transport is widely recognized.

White & Case have a long history in international expansion with practice opportunities for lawyers to work in foreign offices and to take advantage for the firm’s vast international reach and global client base, which includes some of the largest corporations and organizations in the world.

9. Morgan, Lewis & Bockius

Global Revenue (2023): $2.8 Billion

Morgan Lewis, founded in 1873 and headquartered in Philadelphia, reported a revenue of $2.8 billion. With 33 offices globally, their services in areas like healthcare and labor law continue to attract a diverse clientele.

10. Gibson Dunn

Global Revenue (2023): $2.75 Billion

Gibson Dunn, with its beginnings in 1872, remains a key player with a revenue of $2.75 billion. The Los Angeles-based firm is known for its expertise in sectors like private equity and financial institutions but is best known for its litigation and appellate practice, having won numerous accolades for its litigation expertise.

The firm has shown substantial growth and profitability, with over 1800 attorneys spread over 10 countries where it operates.

11. Ropes & Gray

Global Revenue (2023): $2.7 Billion

Ropes and Gray is perhaps best known for its work in private equity, although it has a highly-rated range of expertise across the legal spectrum, growing from its origins in the 1860s. With 13 offices in the US, Europe and Asia the firm continues to achieve top rankings across a range of sectors and is highly regarded among clients, particularly for its equity, asset management, securities and restructuring areas.

Boston-based, the firm is also well regarded by employees for its overall culture and work mentoring and interest.

12. Hogan Lovells

Global Revenue (2023): $2.6 Billion

13. Allen & Overy

Global Revenue (2023): $2.5 Billion

Allen & Overy remains one of the Magic Circle centerpeices, a London-based law firm that has expanded to become one of the biggest in the world – now with over 300 lawyers in America spread across its six offices.

The firm now has an international network that sees it reach 120 countries with 600 partners and around 3000 lawyers, making it a true mega-firm that continues its strong growth trajectory as a major global legal player.

The firm has expertise across everthing from litigation to transactional and M&A work to regulatory compliance and cross-border dispute and arbitration work.

14. Clifford Chance

Global Revenue (2023): $2.5 Billion

Clifford Chance is another British top tier firm that has muscled its way to the top of the world’s biggest law firm list, with revenues topping almost $2.5 billion in 2023 for the first time and making it the highest-grossing law firm in the UK.

The firm is a major ‘listee’ on Vault rankings and other ranking agencies given that it has around 3300 lawyers across its vast network and continues to provide a major role in M&A, litigation, disputes, regulatory, competition and other legal work.

15. Jones Day

Global Revenue (2023): $2.5 Billion

JonesDay has grown internationally from its mid-western base to become a global powerhouse in litigation and commercial work. Cleveland-based and sitting level with Clifford Chance in revenues, the firm is known as a heavy hitter the firm continues to attract high rankings from a variety of ranking agencies, including numerous #1 points in the BTI Consulting Client Service reports.

The firm has received some controversy over its representation of Donald Trump in his campaigns although it has said it will not represent the former President in the 2024 campaign.

With around 2500 lawyers across its office network internationally and retains an aggressive, successful strategy of growth.

16. Linklaters

Global Revenue (2023): $2.3 Billion

One of the largest of the UK big law firms and another Magic Circle member, Linklaters has grown from its large UK law firm status in the 1990s into a major expansion internationally using both mergers and acquisitions of other firms. With two US offices, in New York and Washington DC Linklaters continues to be one of the most profitable UK-based law firms and remains high on the overall rankings – and like many of the ‘Largest Law Firms’ List is also on our ‘Most Prestigious Law Firms’ List too.

Linklaters has a high profile M&A and banking practice but offers a full range of services across its extensive network and is more than capable of footing it with the most complex commercial deal or litigation with any others on the Big Law Firm List.

17. Freshfields

Global Revenue (2023): $2.3 Billion

Another UK-based big firm, Freshfields sits on level pegging with co-Magic Circle competitor Linklaters on $2.3 billion in revenues and has the credentials as one of the oldest law firms in the world, with a history tracking back to the 1700s.

With 27 international offices, Freshfields has expanded its global network and recently has also become active in the United States legal market with offices in New York, Silicon Valley, and Washington, DC. Its U.S.-qualified lawyer now number over 300 roughly a third of the U.S. partnership and associate team having joined since the start of 2019.

18. Simpson Thacher

Global Revenue (2023): $2.15 Billion

Another New York-based law firm with 11 offices and about 1000 attorneys, Simpsons Thacher provides a full service commercial and litigation practice that remains one of the highest-grossing law firms in the world.

Since its founding in the 1880s, the firm has continued to represent some of the largest corporate entities in America and the world, including American Electric Power, Aramark, Bank of America Merrill Lynch, Blackstone, Carlyle Group, EQT, First Reserve, Hellman & Friedman, Hilton Hotels, KKR, Mars, Microsoft, New Mountain Capital, Silver Lake Partners and others.

19. Sullivan & Cromwell

Global Revenue (2023): $1.8 Billion

Sullivan & Cromwell remains another of the top-tier law firms with its 130 year history, representing JP Morgan among others in the pioneering days, and its range of profile clients and major transactional and litigation jobs.

An exceedingly profitable firm with profits per partner as high as $6 million and was also one of the first firms to expand internationally, now having 13 offices in eight countries.

20. Davis Polk & Wardwell

Global Revenue (2023): $1.85 billion

Once again we have one of America’s oldest law firms and also one that has continued to grow its corporate work with its services on behalf of JP Morgan. Now the firm, which employs around 1100 lawyers and is one of the most profitable law firms in the world.

The firm also enjoys some of the highest profitability in the world among the big law firms, ranking in the very top of the profitability echelon at around third place on Law.com rankings and others.

21. Paul Weiss

Global Revenue (2023): $1.8 billion

Paul Weiss is a top earning firm that in the UK has been ranked as the number firm for revenues per lawyer in 2022 and remains a profitable law firm in the US as well.

The firm and its predecessors have been operating for 150 years and initially evolved as a Jewish law firm when Jews were not accepted in the white-shoed New York establishment firms. It developed an impressive commercial and litigation practice working in all the areas that the major firms focus with its 1000 lawyers from every background displaying the highest level of professional ability.

22. Quinn Emanuel Urquart & Sullivan

Global Revenue (2023): $1.6 billion

The LA-based litigation-focused law Quinn Emanuel has developed a reputation as a somewhat eccentric and successful operator in the ‘biggest law firm’ arena, seemingly thumbing its nose at the white-shoe New York based big league legal players by adopting a less orthodoc approach to its work.

Quinn Emanuel, a very recent arrival on the big law firms list having been established in 1986, has nonetheless achieved some stellar success walking away with record verdicts on a regular basis and continuing to attract some high profile clients who face major litigation challenges. Among the firm clients are IBM, Google, Cisco, Qualcomm, Daimler, Sony, Johnson & Johnson, Pfizer, Sony, Hyundai, AIG, and Samsung, among others.

23. Cleary Gottlieb

Global Revenue (2023): $1.4 billion

Cleary Gottlieb was founded at the end of the Second World War and quickly established itself as a major big law player on the global stage, representing governments and others with its early establishment of global offices in Europe and elsewhere.

The firm is well known for its work advising on sovereign debt restructurings and financings, including its representation of Greece in the largest-ever sovereign debt restructuring and largest-ever bond exchange, valued at €206 billion and €31.9 billion respectively. It also handled debt restructuring for Argentina in its $63.4 billion debt deals.

24. Cravath Swaine & Moore

Global Revenue (2023): $950,000

Cravath is the leader in our list of the most prestigious law firms and is one of the pre-emeninent firms in America, with a history spanning two centures.

With offices in New York, where the firm is based, to Washington DC and London the firm has been on an expansion path in the wake of the pandemic and with major lateral hires under its progressive and aggressive managing partner Brad Karp.

The firm is also well known for its biglaw pay setting ‘Cravath scale’, which sets the pace for associate remuneration.

25. Wachtell Lipton Rosen & Katz

Global Revenue (2023): $890,000

Even in the sub-one billion dollar revenues range Wachtell Lipton remains a major power player and one of the largest law firms in the world, with a reputation for not only its major deals in M&A, private equity, transactional and other work, but also for its compensation which makes it one of the best compensation-paying law firms in the world (the topic of a future article so keep an eye out).

A relatively recent arrival in the ‘biggest law firms’ lists given that it was founded very recently – 1965 – it has taken a different approach to deal by charging a percentage of major work and also working on the tougher, untidy work that is less bread-and-butter and more ‘sugar and spice’.

The Global Law Landscape: A Changing Frontier

These top law firms not only represent massive revenues but also embody the evolving dynamics of global law. As we look towards 2024, the legal industry is poised for further transformation, driven by technological advancements and an ever-more interconnected world. The firms listed above not only exemplify excellence in various practice areas but also demonstrate the ability to adapt and thrive in a rapidly changing

Author – Ben Thomson is a regular contributor to LawFuel and authored the most-read list – the 30 Most Prestigious Law Firms in the World, which continues to attract high readership among our regular readers and others. He may be contacted at news@lawfuel.com

See Also: The Best Vault Rankings for Law Firms

>> The Big Law Salary Scale

See LawFuel’s 30 Most Prestigious Law Firms