New profits per equity partner (PEP) figures published in 2026 by Firm Prospects offer another striking insight into the widening profitability gap at the top end of the global legal market.
The latest figures show several elite US law firms now generating more than $9 million per equity partner — a figure that topped the market just last year — with a handful now operating firmly within the $10–12 million range.
Leading the market is Wachtell, Lipton, Rosen & Katz, which is currently operating at reported profits per equity partner of approximately $12.15 million.
Meanwhile, Kirkland & Ellis surpassed the $11 million mark with reported PEP of $11.12 million, continuing its remarkable growth trajectory across private equity, finance and global strategic expansion.
While profitability figures have climbed steadily for years, the pace of growth among the market's highest-performing firms remains remarkable. Across the market, firms are continuing to invest strategically in talent, practice area expansion and international growth initiatives. The strongest financial performers are not standing still — they are using that strength to further enhance their position in an increasingly competitive global market.
Top BigLaw Firms by Profits Per Equity Partner (PEP)
The Bigger Picture
The profitability figures are perhaps less surprising when viewed alongside the broader financial performance of the legal industry.
The latest Am Law 100 rankings showed another exceptional year for many of the world's largest law firms. Kirkland & Ellis became the first law firm to surpass $10.5 billion in annual revenue, while Latham & Watkins exceeded $8.3 billion. Across the market, 62 firms generated more than $1 billion in annual revenue, up from 58 the previous year.
Strong demand across private equity, leveraged finance, infrastructure, restructuring and complex cross-border transactions has continued to fuel growth throughout the upper end of the market.
The firms appearing near the top of the PEP rankings are also among the most active investors in strategic lateral hiring and international expansion. Across New York, London and other major financial centres, competition for premium mandates remains intense, with firms continuing to build out private capital, finance and specialist transactional teams.
The data also highlights the importance of efficiency alongside scale.
While revenue remains a useful measure of a firm's size, profitability tells a more nuanced story. Wachtell's position at the top of the rankings demonstrates the power of a highly focused premium practice model, while firms such as Kirkland, Latham and Davis Polk continue to combine exceptional profitability with significant global scale.
For associates and partners alike, these figures offer an interesting snapshot of where the industry's strongest financial performance is being generated and the practice areas that continue to drive growth across the global legal market.
Source: Firm Prospects
