Kirkland & Ellis partners earn $9 million amid record revenue

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Partners at US law firm Kirkland & Ellis International LLP earned more than $9 million last year on average, marking a 16% increase from the previous year. The surge in earnings comes as the firm's revenue soared by 22% to a record $8.8 billion, solidifying its status as the world's highest-grossing law firm.

Kirkland & Ellis' revenue boost is part of a wider recovery in the global M&A market, which saw an uptick last year after a significant decline below $3 trillion in 2023. The firm led the legal advisory market, handling more than $431 billion in M&A transactions globally and securing a market share of more than 14%, according to data from the London Stock Exchange Group. Notable transactions included representing the $35.9 billion sale of Kellanova to Mars and advising on the $12.5 billion sale of Global Infrastructure Partners to BlackRock.

The firm's growth wasn’t limited to financial metrics alone. Kirkland & Ellis expanded its equity partner ranks by 6% to 573 and saw its overall lawyer headcount increase by nearly 9% to more than 3,800 globally. The expansion included the opening of a new office in Frankfurt last year, which focused on private equity and M&A, and an office in Riyadh in 2023 aimed at capitalising on opportunities in one of the world's fastest-growing economies.

In a similar vein, Latham & Watkins, the second-largest global law firm, reported significant growth, with revenues reaching $7 billion in 2024 for the first time and profit per equity partner rising nearly 30% to $7.1 million.

Elsewhere, Reed Smith also reported a strong financial year last week after exceeding $1.5 billion in revenues for the first time in 2024.

The figures underscore the robust health of the legal industry, particularly among elite US law firms as they expand their global footprint.