Latham & Watkins has become the first law firm to break the $5bn revenue barrier as turnover spiked 26.7% to $5.489bn in the 2021/22 financial year.
Profit per partner also saw a comparable 26% surge to $5.71m from $4.52 last year.
The figures released on Monday (21 March) easily eclipsed last year´s still impressive results, which saw turnover increase 15% to $4.33bn from $3.768. Global lawyer headcount has also seen a notable increase, rising by 8% to 3,078, while revenue per lawyer grew 18% from $1.52m to $1.78m.
Latham’s numbers have been released amid anticipation that long-time rival Kirkland & Ellis will also surpass the $5bn revenue mark in the coming weeks.
Global chair Rich Trobman hailed the results as a vindication of the firm’s overarching strategy: “2021 was another successful year for the firm and we are pleased with our strong performance and achievements. Our long-term vision, deep and diversified platform, and commitment to client service helped grow demand for our legal services across practices and markets. We combined our worldwide resources with the best talent, sector knowledge, and experience to drive positive outcomes for our clients across all industries. I am particularly proud of the resilience and hard work of our people and how we have supported one another throughout the year, all the while staying focused on our clients and their evolving needs. Looking ahead, we will continue to invest in our global platform, execute on our strategy, and deliver great client service.”