The U.S. legal market is the most profitable and prestigious in the world, dominated by a group of firms known as BigLaw. These firms, primarily headquartered in New York, Chicago, and Los Angeles, are measured by three key metrics: Revenue, Profitability (Profit Per Equity Partner or PEP), and Prestige.
The top firms are the architects of global finance and corporate deals, specializing in areas like M&A, Private Equity, and high-stakes litigation.
💰 The Giants of Revenue and Private Equity
This list includes the largest and highest-earning firms globally, driven by their massive scale and dominance in the transactional markets, particularly Private Equity (PE).
| Rank (by 2024 Revenue) | Law Firm Name | Origin City | Key Focus & Distinction |
| 1 | Kirkland & Ellis | Chicago | #1 Globally by Revenue (over $8.8 billion). Dominant in Private Equity, M&A, and Restructuring. Achieved the highest PEP among the Am Law 100. |
| 2 | Latham & Watkins | Los Angeles | The largest full-service global firm by lawyer count; major force in M&A, Capital Markets, and Energy transactions worldwide. |
| 3 | Skadden, Arps, Slate, Meagher & Flom | New York | A powerhouse in Global M&A, Corporate Restructuring, and Litigation. Highly prestigious and consistently top-ranked. |
| 4 | Gibson, Dunn & Crutcher | Los Angeles | Premier firm for High-Stakes Litigation (often Appellate) and sophisticated Corporate work; high profitability. |
| 5 | Sidley Austin | Chicago | Global firm known for its strong Securities Law, Corporate, and Regulatory Compliance practices, with significant scale. |
👑 The Most Prestigious & Profitable Firms (Wall Street Elite)
These are the firms that attract the very top legal talent and handle the most complex, bespoke, and often hostile M&A transactions, yielding the highest profitability. They are the market setters for associate salaries.
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Wachtell, Lipton, Rosen & Katz: The firm with the highest Revenue Per Lawyer (RPL) and consistently one of the highest PEPs. It is the gold standard for M&A, Takeover Defense, and Crisis Management, known for its boutique, lean structure in New York.
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Cravath, Swaine & Moore LLP: The most prestigious firm in the U.S. (per Vault rankings). Known for the “Cravath System” of high compensation and generalist training, dominating General Corporate Practice and M&A.
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Sullivan & Cromwell LLP: An elite Wall Street institution, famous for its work in Banking & Finance, M&A, and providing high-level counsel on global regulatory issues.
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Simpson Thacher & Bartlett LLP: Considered the undisputed leader in Private Equity and fund formation, advising the world’s largest fund sponsors (like Blackstone).
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Davis Polk & Wardwell LLP: A top-tier Wall Street firm, a perennial leader in Capital Markets and M&A, often advising on the largest global financial transactions.
⚖️ Litigation Specialists
While many top firms offer strong litigation practices, these firms are particularly famous for their expertise in courtroom battles and dispute resolution:
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Quinn Emanuel Urquhart & Sullivan: The largest firm dedicated almost entirely to litigation and arbitration, known for its aggressive and successful representation in high-stakes commercial disputes.
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Paul, Weiss, Rifkind, Wharton & Garrison: A New York mainstay with an elite practice in Corporate, Litigation, and White-Collar Defense, often involved in major shareholder activism and corporate crises.
