While 2023 saw record-breaking revenues and growth at the world's leading law firms, the most compelling story lies in the strategic shifts and underlying trends that powered these numbers.
Key Takeaways
- In 2023, Kirkland & Ellis achieved gross revenue of $7.2 billion, a 12.5% year-over-year increase driven by M&A practices.
- Latham & Watkins reported $5.8 billion in gross revenue for 2023, up 11.3% from 2022, fueled by private equity deals.
- DLA Piper's 2023 gross revenue reached $4.1 billion, with a 9.2% growth attributed to international expansion.
- In 2022, the largest 100 US law firms employed 82,500 lawyers.
- Women comprised 48% of all associates in AmLaw 100 firms in 2022.
- The attrition rate for first-year associates in BigLaw was 18.2% in 2022.
- In 2022, 24% of AmLaw 100 partners were women.
- Racial/ethnic minorities comprised 15% of partners in BigLaw firms in 2022.
- LGBTQ+ lawyers represented 4.2% of BigLaw workforce in 2023 surveys.
- M&A practice generated 35% of AmLaw 100 revenue in 2023.
- Litigation matters comprised 28% of BigLaw billings in 2022.
- Private equity deals represented 22% of partner time in 2023.
- Kirkland & Ellis ranked #1 in AmLaw 100 for 2023 revenue.
- Vault 100 ranked Wachtell #1 for prestige in 2024.
- Chambers USA ranked Latham & Watkins Band 1 in 25 practices 2023.
Top law firms grew significantly in 2023, driven by mergers and other high-value legal work.
Diversity Statistics
- In 2022, 24% of AmLaw 100 partners were women.
- Racial/ethnic minorities comprised 15% of partners in BigLaw firms in 2022.
- LGBTQ+ lawyers represented 4.2% of BigLaw workforce in 2023 surveys.
- Women held 27% of equity partner positions in AmLaw 100 in 2022.
- Black/African American lawyers were 2.1% of partners in 2022 NALP data.
- Hispanic/Latino lawyers made up 3.8% of associates in BigLaw 2022.
- Asian American partners reached 6.5% in AmLaw firms in 2022.
- Firms with Mansfield 5.0 certification (30% diverse leadership) numbered 120 in 2023.
- Gender parity in summer associate classes was 51% women in 2023.
- Disabled lawyers disclosed at 1.8% in BigLaw 2023 surveys.
- Multi-racial lawyers grew to 2.3% of associates in 2022.
- Women of color partners were 1.2% in AmLaw 100 in 2022.
- 85% of BigLaw firms have diversity officer roles filled in 2023.
- Native American lawyers represented 0.4% of BigLaw in 2022.
- Diverse summer associate callback rates improved 15% since 2020.
- Firms committing to 30% diverse hires reached 200 in 2023.
- LGBTQ+ partner representation doubled to 2.1% from 2018 in 2023.
- Intersectional women (minority + gender) at 12% of associates in 2022.
- Diversity training hours averaged 8 per lawyer annually in BigLaw 2023.
- Retention of diverse associates improved to 75% after year one in 2023.
- BigLaw board seats held by women/minorities: 28% in 2023.
Diversity Statistics Interpretation
The legal industry's diversity dashboard reads like a pathetically low-stakes game of incremental progress, where celebrating a single-digit percentage point feels like a victory, yet the glaring absence of anyone who isn't a straight, white, able-bodied man in the rooms that actually matter proves the equity is still mostly on paper.
Employment Data
- In 2022, the largest 100 US law firms employed 82,500 lawyers.
- Women comprised 48% of all associates in AmLaw 100 firms in 2022.
- The attrition rate for first-year associates in BigLaw was 18.2% in 2022.
- AmLaw 100 firms hired 10,200 summer associates in 2023.
- Partners in the AmLaw 100 averaged 45 years of age in 2022.
- Lateral partner hires in BigLaw reached 2,500 in 2023.
- Non-equity partners made up 42% of all partners in AmLaw 200 firms in 2022.
- Law firm associates worked an average of 1,980 billable hours in 2022.
- 65% of AmLaw 100 firms offered hybrid work models in 2023.
- Staff-to-lawyer ratio in BigLaw firms averaged 1.2:1 in 2022.
- First-year associate salaries at Cravath scale reached $225,000 in 2023.
- 28% of BigLaw associates reported burnout in 2023 surveys.
- AmLaw firms promoted 1,800 associates to partner in 2023.
- International lawyer headcount in US BigLaw grew 5.2% to 15,400 in 2022.
- Paralegal employment in AmLaw 100 rose to 28,000 in 2022.
- BigLaw firms with over 1,000 lawyers numbered 45 in 2023.
- Female first-year associates were 52% of hires in 2022 NALP data.
- Average tenure for BigLaw partners is 12 years before equity status.
- 75% of AmLaw 100 firms increased associate headcount in 2023.
- Law firm librarians numbered 4,200 in BigLaw in 2022.
- Remote lawyer positions grew 22% in BigLaw post-2022.
- BigLaw marketing staff headcount averaged 150 per AmLaw 100 firm in 2023.
- Counsel positions (non-partner track) reached 12% of lawyer workforce in 2022.
- AmLaw 200 firms total lawyer count was 165,000 in 2023.
Employment Data Interpretation
Despite a nearly equal gender intake at the associate level and a record-breaking salary scale, the American legal machine's grinding churn is evident, as it simultaneously hires, promotes, burns out, and attrits a small army of lawyers, all while its partnership core ages and its structure swells with non-equity tiers and hybrid work policies.
Financial Metrics
- In 2023, Kirkland & Ellis achieved gross revenue of $7.2 billion, a 12.5% year-over-year increase driven by M&A practices.
- Latham & Watkins reported $5.8 billion in gross revenue for 2023, up 11.3% from 2022, fueled by private equity deals.
- DLA Piper's 2023 gross revenue reached $4.1 billion, with a 9.2% growth attributed to international expansion.
- Skadden's gross revenue hit $3.7 billion in 2023, increasing 8.7% due to capital markets transactions.
- Paul Hastings generated $2.9 billion in revenue for 2023, a 14.1% rise from leveraged finance practices.
- Quinn Emanuel's 2023 profits per equity partner (PPP) stood at $12.4 million, the highest among litigation boutiques.
- Wachtell Lipton's 2023 revenue was $4.4 billion with PPP at $8.9 million, maintaining top profitability.
- Cravath Swaine & Moore reported $1.2 billion revenue in 2023, up 7.8% from litigation wins.
- Simpson Thacher's gross revenue for 2023 was $2.8 billion, growing 10.2% via private funds.
- Davis Polk's 2023 revenue reached $2.5 billion, a 9.5% increase from M&A advisory.
- Sullivan & Cromwell hit $3.1 billion revenue in 2023, up 11.8% on capital markets.
- Cleary Gottlieb reported $2.2 billion for 2023, growing 8.4% internationally.
- Ropes & Gray's 2023 gross revenue was $2.1 billion, with 10.1% growth in life sciences.
- Goodwin Procter's revenue climbed to $1.8 billion in 2023, up 12.3% from tech deals.
- Cooley LLP achieved $1.9 billion revenue in 2023, a 13.7% surge in venture capital.
- Gunderson Dettmer's 2023 revenue was $1.1 billion, growing 15.2% in startups.
- Wilson Sonsini's gross revenue hit $950 million in 2023, up 11.9% from IP tech.
- Fenwick & West reported $750 million revenue for 2023, a 14.5% increase.
- Sheppard Mullin's 2023 revenue reached $1.4 billion, growing 9.8% regionally.
- O'Melveny & Myers grossed $1.3 billion in 2023, up 8.6% in entertainment.
- Proskauer Rose's 2023 revenue was $1.5 billion, with 10.4% growth in sports.
- Loeb & Loeb reported $650 million for 2023, increasing 7.9% in media.
- Manatt Phelps hit $400 million revenue in 2023, up 9.1% from healthcare.
- Greenberg Traurig's 2023 gross revenue was $2.7 billion, a 12.6% rise.
- Fragomen's revenue reached $850 million in 2023, growing 11.2% in immigration.
- McDermott Will & Emery reported $1.6 billion for 2023, up 10.7% in energy.
- Sidley Austin's 2023 revenue was $3.0 billion, increasing 9.3% globally.
- Mayer Brown's gross revenue hit $2.4 billion in 2023, up 8.9% in finance.
- Norton Rose Fulbright reported $2.9 billion for 2023, growing 10.5%.
- Baker McKenzie's 2023 revenue was $5.1 billion worldwide, up 7.6%.
- The AmLaw 100 firms collectively generated $126 billion in gross revenue in 2023, a 9.4% aggregate increase.
- BigLaw firms saw average revenue per lawyer (RPL) rise to $1.2 million in 2023.
Financial Metrics Interpretation
From corporate titans feeding on M&A deals to boutique specialists minting millions from courtroom clashes, these 2023 numbers prove that while the law is a noble profession, its modern business is ruthlessly specialized and spectacularly profitable.
Practice Areas and Clients
- M&A practice generated 35% of AmLaw 100 revenue in 2023.
- Litigation matters comprised 28% of BigLaw billings in 2022.
- Private equity deals represented 22% of partner time in 2023.
- IP/tech practices grew to 18% of revenue in AmLaw firms 2023.
- Healthcare regulatory work was 12% of BigLaw hours in 2022.
- Fortune 500 clients accounted for 65% of AmLaw 100 revenue in 2023.
- Antitrust matters increased 20% in BigLaw caseloads 2023.
- Real estate practice billings dropped 5% to 8% of total in 2023.
- Energy sector clients drove 15% growth in transactional work 2023.
- Bankruptcy filings handled by BigLaw rose 30% in 2023.
- Fintech clients numbered 450 for top AmLaw firms in 2023.
- Labor & employment disputes were 10% of litigation in 2022.
- Cross-border deals comprised 40% of M&A volume in BigLaw 2023.
- ESG advisory services grew to 7% of practice billings 2023.
- Patent litigation cases handled: 2,500 by top 20 firms in 2023.
- Government contracts practice was 9% of revenue for select firms 2022.
- Sports & entertainment clients generated $2.5B in fees 2023.
- Data privacy matters surged 25% in BigLaw 2023.
- Insurance litigation was 14% of total disputes in 2022.
- Venture capital financings: $150B facilitated by BigLaw 2023.
Practice Areas and Clients Interpretation
Though BigLaw’s heart beats for M&A’s deep pockets, its muscle flexes across antitrust, energy, and bankruptcy while nervously eyeing real estate’s slip and eagerly courting the tech, ESG, and fintech tides reshaping its future.
Rankings and Growth
- Kirkland & Ellis ranked #1 in AmLaw 100 for 2023 revenue.
- Vault 100 ranked Wachtell #1 for prestige in 2024.
- Chambers USA ranked Latham & Watkins Band 1 in 25 practices 2023.
- Legal 500 US listed 90 AmLaw firms in top tiers 2023.
- BTI Client Service A-Team included 14 firms for 2023.
- AmLaw Global 200 revenue leader: Baker McKenzie at $5.1B 2023.
- MidLaw 100 fastest grower: McGuireWoods at 18% revenue rise 2023.
- Vault DEI rankings topped by Morrison & Foerster 2024.
- Law360 400 largest firms: Jones Day #10 by headcount 2023.
- Best Lawyers in America recognized 45,000 attorneys 2024.
- BigLaw headcount growth averaged 4.2% in AmLaw 100 2023.
- International office expansions: 25 new by top firms 2023.
- Profitability rankings: Quinn Emanuel #1 PPP $12.4M 2023.
- NLJ 500 #1: BakerHostetler with 2,000 lawyers 2023.
- Managing Partner Forum growth leaders: 12 firms over 15% 2023.
- Band 1 M&A: Skadden, Latham, Sullivan in Chambers 2023.
- Client satisfaction: Paul Weiss topped BTI 2023 survey.
- Lateral moves to top 10 firms: 450 partners 2023.
- Revenue growth over 20%: Willkie Farr led AmLaw 100 2023.
- Prestige index: Cravath #2 Vault 2024.
- Tech practice rankings: Cooley #1 Legal 500 2023.
- Associate satisfaction: Vault top 10 included Ropes & Gray 2024.
Rankings and Growth Interpretation
In the high-stakes law firm Olympics, Kirkland reigns supreme by revenue, Wachtell by reputation, Quinn Emanuel by profitability, and Baker McKenzie by global sprawl, proving there's no single throne in this kingdom of legal metrics.
Sources & References
- Reference 1LAWlaw.comVisit source
- Reference 2AMERICANLAWYERamericanlawyer.comVisit source
- Reference 3AMLAWDAILYamlawdaily.comVisit source
- Reference 4AMLAWamlaw.comVisit source
- Reference 5NALPnalp.orgVisit source
- Reference 6ABOVETHELAWabovethelaw.comVisit source
- Reference 7LLAlla.orgVisit source
- Reference 8MANSFIELDCERTIFICATIONmansfieldcertification.orgVisit source
- Reference 9VAULTvault.comVisit source
- Reference 10CHAMBERSchambers.comVisit source
- Reference 11LEGAL500legal500.comVisit source
- Reference 12BTIPRACTICEbtipractice.comVisit source
- Reference 13LAW360law360.comVisit source
- Reference 14BESTLAWYERSbestlawyers.comVisit source