The landscape of American corporate law continues to be defined by aggressive consolidation and staggering financial growth at the very top. Despite economic headwinds in recent years affecting certain sectors, the elite tier of U.S. law firms—often dubbed “BigLaw”—has demonstrated remarkable resilience, particularly those sustaining elite profitability alongside massive headcount.
According to the most recent financial data analyzed for the 2025 fiscal reporting period, the top 10 firms in the United States now collectively account for a disproportionate share of the global legal market’s revenue. The defining metric for “top” in this news analysis remains gross revenue, consistent with the industry-standard “Am Law 100” methodology adopted by major legal publications.
However, industry analysts note a crucial trend: revenue is no longer the only story. The real news in 2025 is the diverging paths between firms prioritizing sheer global scale versus those maximizing Profits Per Equity Partner (PEP).
Here is a news-style breakdown of the Top 10 U.S. law firms based on gross revenue, and the trends driving their dominance.
The $6 Billion+ Club: The Uncontested Leaders
For several years, a duopoly has sat atop the U.S. legal market, separating themselves significantly from the pack through deep ties to the lucrative private equity and high-stakes M&A sectors.
1. Kirkland & Ellis (Chicago/Global)
Maintaining its position as the highest-grossing law firm in the world, Kirkland & Ellis remains the benchmark for financial performance. Built on a foundation of aggressive private equity work, bankruptcy restructuring, and high-stakes litigation, the firm’s revenue model is studied across the industry. Their non-equity partner tier strategy continues to fuel massive profitability at the top.
2. Latham & Watkins (Los Angeles/Global)
Neck-and-neck with Kirkland, Latham & Watkins continues to be a powerhouse across virtually every practice area, from capital markets to complex litigation. Latham’s strength lies in its diversified excellence; it is rarely absent from the biggest headlines in tech transactions, finance, and regulatory matters across the globe.
The Global Integrators and Elite Dealmakers
Following the top two are a mix of massive global vereins (networks under one brand) and highly profitable, traditional white-shoe firms.
3. DLA Piper (Global/Verein)
With one of the largest lawyer headcounts in the world, DLA Piper’s model is built on ubiquitous global reach. While its profitability per partner doesn’t match the top tier, its sheer scale drives enormous gross revenue. They remain the go-to firm for multinational corporations needing coverage in dozens of jurisdictions simultaneously.
4. Baker McKenzie (Global/Verein)
The original global law firm, Baker McKenzie retains its position as a titan of cross-border trade, tax, and integrated global solutions. In 2025, the firm has focused heavily on navigating complex geopolitical regulatory landscapes for multinational clients, cementing its essential status for global commerce.
5. Skadden, Arps, Slate, Meagher & Flom (New York)
Skadden remains arguably the most powerful brand in corporate America. While lower in headcount than the vereins, its revenue is generated through premium billing rates on the world’s most complex mergers and acquisitions. Skadden consistently ranks near the top not just in revenue, but in prestige and profitability per partner.
6. Sidley Austin (Chicago/Global)
Sidley has quietly and effectively maintained its position as a top-tier giant. Known for a balanced practice strong in regulatory work, litigation, and corporate finance, Sidley continues to post impressive year-over-year growth without the aggressive headlines surrounding some of its peers.
7. White & Case (New York/Global)
White & Case has aggressively pursued a strategy of international expansion over the last decade, particularly in Europe and emerging markets. This focus on cross-border project finance and international arbitration keeps them firmly rooted in the global elite by revenue.
The Powerhouses Completing the Top Ten
Rounding out the top ten are firms with massive domestic footprints and specialized strengths that generate billions in revenue.
8. Morgan, Lewis & Bockius (Philadelphia/Global)
Morgan Lewis has grown significantly through strategic mergers over the last decade. They are known for their immense labor and employment practices, alongside strong litigation and corporate departments, serving a massive client base across the U.S.
9. Hogan Lovells (Global/Verein)
Another transatlantic giant formed through a major merger, Hogan Lovells balances strong regulatory capabilities in Washington D.C. and London with a robust corporate practice. They remain a top choice for highly regulated industries like life sciences and energy.
10. Jones Day (Cleveland/Global)
Famous for its unique, centralized management structure and “one firm worldwide” culture, Jones Day remains a litigation and corporate juggernaut. Their extensive U.S. footprint and deep connections to Fortune 500 boardrooms secure their place in the top tier.
Analysis: The “Prestige” Divergence
It is crucial for observers to note that Revenue Rank does not always equal Prestige Rank.
While the list above reflects financial size, the “Vault 100” rankings (which survey associates on prestige) often paint a slightly different picture. Firms like Wachtell, Lipton, Rosen & Katz (New York) and Cravath, Swaine & Moore (New York) operate with much smaller headcounts and lower total gross revenue, yet they command the highest fees and often rank higher in pure prestige and profitability per partner than many firms in the revenue top 10.
The Forecast: Moving further into the latter half of the 2020s, analysts expect further consolidation. The gap between the “super-rich” firms (like Kirkland and Latham) and the rest of the Am Law 100 is expected to widen as the costs of technology, talent acquisition, and global security continue to rise.
