Latham smashes $7bn barrier - adds an Ashurst in a year

Latham & Watkins has hit a major milestone, surpassing $7 billion in revenue after a 23% surge in 2024.

That’s up from $5.7 billion the year before - essentially the equivalent of adding an entire Ashurst-sized firm in a single year.

Profits per equity partner (PEP) also soared, hitting $7.1 million - up 30% on the previous year.

The numbers confirm Latham's status as one of the most dominant members of the so-called "global elite" - the select group of global heavyweights handling the biggest mandates, outpacing rivals in both the revenue and profitability stakes.

The firm’s London office alone generated $850 million in revenue last year - a figure that would place it among the top 15 law firms in the UK by revenue. That’s pretty significant when you consider that it’s competing against the global revenues (i.e. all offices) of its British rivals.

Latham’s blockbuster results come just ahead of Kirkland & Ellis - currently the world’s highest-grossing law firm - releasing its own financials. The two firms have long been vying for dominance, particularly in private equity and high-stakes corporate work.

Latham chair Rich Trobman said “2024 was a fantastic year across the board, and I am incredibly proud of our accomplishments, our dedication to client service, and our culture of teamwork and excellence.”

All eyes are now on Kirkland’s upcoming results to see if the Chicago-based giant will extend its lead - or if Latham is closing the gap.