The Corporate Power Rankings: Winners and Losers in the 2026 Am Law 100 Revenue Race

Honestly, no one in Biglaw seemed shocked when the numbers were released. For a few years now, the Am Law 100 has essentially told the same story: the wealthy companies are getting richer, the others are struggling to keep up, and the distance between them is beginning to resemble a canyon rather than a gap.

The scale was altered in 2025. The first law firm in American history to reach ten billion dollars in gross revenue was Kirkland & Ellis. Ten billion. Go over that twice. That number would have sounded like a typo ten years ago.

Walking through the lobby of a Manhattan firm in March, when partner distributions are arriving and the figures everyone has been talking about finally appear in bank accounts, you can sense a certain kind of energy. People use the same elevators, wear the same clothes, and speak in the same hushed tones. However, it’s usually easy to determine who had a successful year. It appears that nearly everyone at the top did this year. Kirkland reported growth of almost 20%. With $8.3 billion, Latham & Watkins is comfortably ranked second and saw growth of 18.57 percent. Riding a 22.66 percent surge that likely caused its partners to double-check their statements, Simpson Thacher leapt two spots into the top ten.

Things become more intriguing and a little more uncertain in the middle of the rankings. With a record $1.45 billion in gross revenue, Foley & Lardner moved up two spots to No. 43. The company attributes this 13.9 percent increase to lateral hiring and cross-servicing, as well as a new office in Nashville. That’s the kind of expansion that subtly changes a company’s identity without making headlines.

Four more companies than last year—sixty-two—crossed the billion-dollar threshold this year. Once an exclusive room, the billion-dollar club is beginning to feel a bit crowded.

The truth is actually found in the revenue-per-lawyer narrative. Wachtell posted $5.085 million per lawyer despite having a small staff of 272 attorneys. Wachtell is nearly two and a quarter million dollars behind No. 2 Susman Godfrey, which is an anomaly with only 226 attorneys. It’s the type of figure that prompts you to pause and go over the spreadsheet again. The financials show that companies like Davis Polk, Sullivan & Cromwell, and Cravath have spent decades building a reputation for handling work that no one else can. It’s difficult not to wonder what the rest of the industry looks like to a young associate trying to decide where to begin a career as you watch this unfold.

Discussions become quiet when it comes to the profits-per-equity-partner figures. Wachtell reached $12.152 million per equity partner, a yearly increase of over 34%. Each of Kirkland’s equity partners received $11.121 million. Ten years ago, $6 million was regarded as an incredible payout. It isn’t even in the top ten anymore. Recruiters, general counsel, and the partners themselves all believe that this kind of growth is not sustainable. However, the American Bar Association’s own analyses indicate that the demand for sophisticated legal services is still stubbornly high, and no one seems eager to be the first to publicly state this.

Not all of them prevailed. The immigration-focused company Fragomen saw a 5.5% decline due to factors that were well beyond the control of any partner. When it came to revenue per lawyer, Gordon Rees took a hard stance. Just two companies experienced any PEP decline. The rest of the legal industry should be a little uneasy about that final figure. When 98 out of 100 businesses increase their profits in a given year, those that don’t will experience lateral departures, hiring losses, and a gradual decline in prestige that is nearly impossible to stop once it begins. By all accounts, 2025 was a remarkable year for Biglaw. Whether anyone at the top is considering what comes next or if they are too preoccupied with counting is the question that looms over 2026.