Law.com International recently published its latest edition of the Global 200, a ranking of the world’s 200 largest law firms by total revenue. Interestingly, the data showed that while revenue only increased by 1.2% in 2022, average headcount saw a 6.1% expansion. Clearly, it was not as lucrative a year for the Biglaw industry compared to previous years.
Law.com described the situation with a headline reading “The Year the Global 200 Law Firms Returned to Earth With a Bump.” Some Biglaw leaders have referred to the sudden cool-down in growth as unprecedented.
Nonetheless, firms predominantly based in the U.S continue to claim the top spots in the ranking. Below are the top 10 firms of the 2023 Global 200 (listed by their 2022 revenue):
- Kirkland & Ellis: $6,514,300,000
- Latham & Watkins: $5,321,007,000
- DLA Piper: $3,685,205,000
- Baker McKenzie: $3,300,189,000
- Dentons: $3,100,000,000
- Skadden Arps: $3,020,869,000
- Sidley Austin: $2,922,634,000
- White & Case: $2,828,000,000
- Morgan Lewis: $2,745,251,000
- Gibson Dunn: $2,736,637,000
The full list of the Global 200 firms can be found here.
Despite the slow growth, it’s important to note that the world’s largest law firms nonetheless experienced increased business in 2022. As such, credit is due to all firms that weathered the year and achieved growth.