Latham & Watkins, the world’s second-largest law firm, has unveiled a robust financial performance for 2024, achieving $7 billion in revenue, representing a 23% increase from the previous year. This performance outpaces the Big Law sector, where average revenue growth stood at 13% for 2024. Notably, the firm has reported a significant rise in profits per equity partner, with the average partner earning over $7.1 million—an increment of 29% from 2023.
This impressive result underscores the firm’s strong performance across both transactional and litigation sectors, as outlined in Latham’s official statement. The firm’s exceptional growth can be contextualized within a broadly successful year for law firms; Wells Fargo’s law firm banking group has reported a 17% rise in total profits paid to equity partners, commonly referred to as net income, across the industry. Latham’s stellar performance reflects a strategic positioning that capitalizes on burgeoning market opportunities.
The revenue milestone for Latham & Watkins, as documented by Bloomberg Law, highlights not just a successful fiscal year but also positions Latham as a strong competitor in an increasingly demanding legal market.