Wake Up Call: Kirkland Takes Wachtell’s Partner Profits Crown

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Kirkland & Ellis dethroned Wachtell Lipton, the longtime Am Law 100 leader for average profits per equity partner, posting $7.5 million in PEP in 2022, up 1.73% from the previous year. Wachtell’s PEP plunged 13.17% to $7.29 million, according to the new 2023 Am Law 100 report. The top 100 US firms’ average PEP fell 3.7% in 2022, because of a bounce-back in expenses post-pandemic, the report said. Kirkland also remained the No. 1 US law firm by ...