US law firms dominate the top tier by global earnings, with Kirkland & Ellis and Latham & Watkins leading the way, according to the latest league tables from Legalease.
The only transatlantic firm in the latest list of the top law firms by earnings was DLA Piper.
The highest-ranking ‘magic circle’ firm based in the City of London was Allen & Overy in 12th place, followed by Clifford Chance in 13th.
Other magic circle firms in the top 20 included Linklaters, Freshfields Bruckhaus Deringer, and Hogan Lovells.
Kirkland & Ellis had the highest turnover at US$6.5 billion, followed by Latham & Watkins at US$5.32 billion, and DLA Piper at US$3.68 billion.
The average salary for a partner at Kirkland & Ellis was US$7.5 million, Legalease said, significantly higher than the average pay for partners at Latham & Watkins (US$5.15 million) and Freshfields (US$2.58 million).
Kirkland & Ellis also demonstrated impressive long-term performance, with turnover growth of 106% since 2018 last year and a profit margin of 58%.
Among the magic circle firms, Freshfields had the highest profit margin of 54%, compared to 45% at Linklaters and 38% at Clifford Chance.