If there's one consistent trend in Biglaw, it's that the top firms continue to thrive spectacularly. The release of the 2026 Am Law 100 rankings underscores a year where elite law firms not only maintained their financial dominance but also saw substantial growth, further widening the economic disparity within the legal industry.

Kirkland & Ellis leads the pack, boasting a staggering $10.556 billion in gross revenue, marking a near 20% increase from the previous year. Latham & Watkins follows with $8.3 billion. The drop to third place is significant, with DLA Piper earning $4.58 billion. Notably, Gibson, Dunn & Crutcher edged up to fourth place, while Skadden slipped to fifth. Simpson Thacher made an impressive leap into the top ten, securing the tenth spot with a 22.66% increase in revenue to $3.55 billion.

The financial overview reveals that 62 firms exceeded the $1 billion revenue mark in 2025, up from 58 the previous year, with 94 firms reporting revenue growth. However, not all news is positive; Fragomen, Del Rey, Bernsen & Loewy faced the sharpest decline at -5.5%, highlighting the volatility that immigration law can experience due to external factors.

Revenue Per Lawyer (RPL) tells a tale of efficiency where Wachtell, Lipton, Rosen & Katz dominates, achieving an astonishing $5.085 million per lawyer. This figure is more than double that of its closest competitor, Susman Godfrey, which posted $2.876 million. These numbers reflect not only the high stakes involved but also the prowess and premium positioning of these firms in handling top-tier legal matters.

The most eye-catching metric for many in the industry is the Profits Per Equity Partner (PEP). Here again, Wachtell leads dramatically, with partners earning an average of $12.152 million each, a robust increase of 34.48% over last year. Kirkland’s partners also fared exceedingly well, with earnings of $11.121 million each.

Across the board, the Am Law 100 firms saw a collective increase in PEP by 14% in 2025. This growth was widespread, with seventy firms enjoying growth rates of at least 10%. Only two firms reported declines in PEP, underscoring the robust market for top legal talent and the premium that premier legal services command.

2025 was a landmark year for Biglaw, not just in terms of financial growth but also in highlighting the increasing divide between the industry's giants and smaller practices. As these top firms continue to expand their margins, the challenges for smaller firms become steeper, emphasizing a competitive market that rewards size, efficiency, and an ability to attract high-value cases. As we move forward, the landscape of Biglaw may see even greater polarization, reflecting broader economic trends and client demands in the legal sector.