Simpson Thacher & Bartlett will stop publicly reporting its financial results, becoming the third major law firm in roughly five weeks to withdraw from the disclosure practices that underpin influential industry rankings.

The firm told the Financial Times that the change takes effect immediately. It said “financial metrics provide only a limited view of a firm and do not fully reflect the value we provide to our clients.”

The decision follows similar moves by Kirkland & Ellis in early October and Paul, Weiss, Rifkind, Wharton & Garrison last week. Kirkland, which had reported revenue exceeding $10 billion, told The American Lawyer that public reporting of revenue and profits “does not provide meaningful value to our clients.” Wachtell, Lipton, Rosen & Katz and Slaughter and May are among the firms that have long withheld such figures.

The departures pose a challenge to the American Lawyer rankings, which have served for four decades as a widely watched measure of law firm performance. Their financial data help prospective lateral partners compare firms, give associates insight into firms’ ability to match compensation, and provide clients with a window into the economics of their legal advisers.

Simpson Thacher’s decision does not follow an apparent downturn. Its revenue rose 22.5% in 2025 to $3.55 billion, while profits per equity partner were approximately $8.57 million.

The firms have emphasized the limitations of financial statistics in explaining their decisions. Questions remain, however, about whether the disclosures have become less attractive as clients push back against rising legal rates. There is no evidence in the firms’ public statements that rate pressure drove their decisions.

Simpson Thacher, Kirkland and Paul, Weiss also share another recent history: all three reached agreements with the Trump administration in 2025. Simpson Thacher’s deal included a $125 million pro bono pledge. Afterward, Microsoft moved a major case from Simpson Thacher to Jenner & Block, which was challenging the administration in court.

The agreements have drawn increased scrutiny from congressional Democrats, adding to the attention on how major law firms conduct their business. The source material does not establish a connection between that scrutiny and the decisions to stop reporting financial results.

The rankings will not necessarily go blank. The American Lawyer has said it will continue publishing estimates for firms that decline to provide figures. But as more prominent firms withhold their own numbers, those seeking to compare the industry’s biggest players may have to rely increasingly on estimates rather than firm-reported data.