The world’s largest law firms delivered another record-breaking year for partner profits in FY 2024, with the Global 100 by revenue revealing sharp gains across the board.
Kirkland & Ellis once again led the market with average profits per equity partner of more than $9.25 million, followed closely by Wachtell, Lipton, Rosen & Katz ($9.04 million) and Quinn Emanuel Urquhart & Sullivan ($8.64 million).
The full top 10 by PEP is as follows:
- Kirkland & Ellis — $9.25M+
- Wachtell, Lipton, Rosen & Katz — $9.04M
- Quinn Emanuel Urquhart & Sullivan — $8.64M
- Davis Polk & Wardwell — $7.80M
- Simpson Thacher & Bartlett — $7.66M
- Paul, Weiss, Rifkind, Wharton & Garrison — $7.54M
- Gibson, Dunn & Crutcher — $7.18M
- Latham & Watkins — $7.14M
- Cravath, Swaine & Moore — $6.85M
- Milbank — $6.81M
Across the Global 100, average PEP rose 17% year-on-year to $2.84 million. That growth was fueled not only by revenue expansion but also by a contraction in the number of equity partners, which fell 2.1% to 26,512.
These results highlight two key dynamics: the concentration of profits at the very top of the market, and the continued reshaping of partnership structures that leaves fewer equity partners sharing in higher earnings.
