The world’s top-grossing law firm is Latham & Watkins, according to a new industry report.
In 2014, Latham brought in $2.6 billion in revenue, a 14 percent increase from the previous year, according to legal magazine, The American Lawyer, which ranks law firm financial metrics, such as profits per partner and revenue, every year.
Taking the No. 1 spot for revenue is a first for Latham. Since The American Lawyer began publishing law firm financials 30 years ago, only three other law firms have held that position: Baker & McKenzie, DLA Piper and Skadden, Arps, Slate, Meagher & Flom.
DLA Piper and Baker & McKenzie have both held the top-grossing position in the past several years. Last year, Baker & McKenzie announced that it had taken that spot away from DLA Piper when it surpassed the $2.5 billion revenue barrier for the first time. Those firms each have more than 4,000 lawyers, nearly double Latham’s estimated 2,100 lawyers.
The American Lawyer Editor-In-Chief Kim Kleman said much of Latham’s work was conducted in Germany, London and New York, and that the firm had a particularly strong surge of equity capital markets work.
“They have been looking at elite work,” Kleman said, calling Latham’s 2014 “white hot.”
Some of its work in 2014 included advising lenders on an $11 billion high-yield bond offering for French cable operator Numericable, and representing Allergan on its $66 billion sale to Ireland’s Actavis.
Latham, which has its roots in Los Angeles has since expanded in the United States and around the world.