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Partners at US law firm Kirkland & Ellis took home more than $9mn last year on average, as the world’s highest-grossing law firm notched up a new revenue record amid a recovery in dealmaking.
The Chicago-founded law firm’s equity partners, who share in its profits, were handed about $9.25mn in the year to the end of December, according to a person with knowledge of the financial results, up 16 per cent year on year.
Kirkland, known for its ties to the biggest private equity clients, boosted revenue by 22 per cent to a record $8.8bn, sealing its position as the world’s largest law firm.
The figures, which were first reported by industry publication The American Lawyer, come amid a strong reporting season for US law firms, as a resurgence in dealmaking last year has driven returns for the world’s key corporate advisers.
Global M&A sank below $3tn in 2023 for the first time in more than a decade, but picked up last year, with Kirkland & Ellis acting on big transactions including representing Pringles and Pop-Tarts maker Kellanova in its $35.9bn sale to Mars and advising Global Infrastructure Partners in its $12.5bn sale to BlackRock.
According to data from the London Stock Exchange Group, Kirkland advised on more than $431bn of M&A last year globally, making it the top-ranked legal adviser, with a market share of more than 14 per cent. Kirkland declined to comment on its financial performance.
Latham & Watkins, the second-largest global law firm, reported last week that it had hit $7bn in revenues for the first time in 2024, while profit per equity partner (PEP) rose nearly 30 per cent to $7.1mn.
The results come as Kirkland also increased its equity partner ranks 6 per cent to 573 in the last year, according to AmLaw. In addition, the firm’s overall lawyer headcount has grown nearly 9 per cent globally, to more than 3,800.
Kirkland is one of a number of elite US firms that has been expanding its footprint in Europe in recent years as American outfits have sought to do more for their clients, particularly in private equity, in the region.
The firm opened an office in Frankfurt last year, focused on private equity and M&A, with a plan to drive further into the energy and infrastructure, technology and finance sectors there. Kirkland also launched an office in Riyadh in 2023 in a bid to capitalise on one of the world’s fastest-growing major economies.
US firm Reed Smith also reported its 2024 results last week, exceeding $1.5bn in revenues for the first time. It posted its highest-ever PEP figure at $1.8mn, up 14 per cent on the previous year.
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