What's Significant About $5B and $6B Law Firms? | The American Lawyer - Law.com

What You Need to Know

• Kirkland and Latham's newest top-line figures reflect the legal industry's move into the Fortune 500 tier.
• The law firms' size brings many benefits in recruiting and reputation.
• Few law firms are eager to try to keep up with the top-line figures.

Two law firms crossed the $5 billion revenue threshold last year, putting them in the same tier as some Fortune 500 companies and further carving out their own league in Big Law.

With Latham & Watkins grossing $5.48 billion and Kirkland & Ellis reaching $6.042 billion, the legal industry’s newest top-line figures reflect the speed at which law is moving beyond just a profession, to a business model that rivals a firm’s own clients and one that can bring top recruits. At the same time, a law firm’s exponential business growth comes with its own challenges—and few competitors are eager to try to keep up with these top-line figures.

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April 20, 2022

source: https://www.law.com/americanlawyer/2022/04/21/whats-significant-about-5b-and-6b-law-firms/

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