Biglaw

The Global 200: The Richest Law Firms In The World (2022)

Which firms are at the very top of the list this year?

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Law.com International recently published its latest edition of the Global 200, a ranking of the world’s 200 largest law firms by total revenue. How did these firms do in the year that was? As we learned from the most recent Am Law 100 rankings, during the “post”-pandemic phase, 2021 was a banner year for Biglaw firms, with some of the planet’s top-grossing firms setting financial records.

What are we looking at in terms of the big picture?

For that, let’s check out the firms at the tippy top of the Global 200 ranking, the Global 100. Overall, the Global 100’s gross revenue grew by 15.3% (up 8.6 percentage points from fiscal year 2020), bringing the collective earnings of these firms up to more than $127.5 billion. During a time when some thought the coronavirus era would bring about all sorts of financial negatives, Biglaw was absolutely booming in some areas of the world, with profits per equity partner up by about 17% to more than $1.9 million collectively. Making up over three-quarters of the Global 100, the United States continues to dominate the list. This time around, 63 firms had more than $1 billion in revenue — and the vast majority of those firms are based in America.

Here are the top 10 firms of the 2022 Global 200 (i.e., the top 10 firms ranked by 2021 revenue). Almost all of these firms have most of their lawyers in the U.S.:

  1. Kirkland & Ellis: $6,042,000,000
  2. Latham & Watkins: $5,448,778,000
  3. DLA Piper: $3,471,437,000
  4. Baker McKenzie: $3,126,729,000
  5. Skadden Arps: $3,022,380,000
  6. Dentons: $2,940,600,000
  7. White & Case: $2,869,800,000
  8. Sidley Austin: $2,795,426,000
  9. Clifford Chance: $2,711,508,000
  10. Ropes & Gray: $2,674,046,000

Here’s some commentary on how the top firms on the planet fared so incredibly well in these otherwise turbulent times:

Altogether, revenue for the largest 200 firms in the world increased to more than $185.6 billion, as a confluence of high demand and high-dollar deal work drove the industry to dizzying heights. In general, but particularly in the United States, firms were also able to increase rates, increase utilization and increase their collections, “three big tics of the box,” says Tony Williams, a London-based principal at Jomati Consultants who advises firms around the globe.

“It was almost an ideal environment,” says Williams, also a former managing partner at Clifford Chance. …

“I think 2019 was great, 2020 was even better, and 2021 was way better. I think firms are wondering whether 2022 will be 2021—I think that’s realistic—or, is 2022 going to be more like 2020, which in the abstract is still plenty good,” says Honigman CEO David Foltyn, whose firm ranked No. 182 in this year’s Global 200. “If you talk to CEOs, I think what they’ll tell you is we are wondering where 2023 will fall.”

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Check out the full list of the Global 200 firms here.

Congrats to all the firms that have set out to prove that bigger really is better — even during a worldwide health crisis.

The 2022 Global 200 Ranked by Revenue [Law.com International]
The World’s Largest Law Firms Go From Historic Highs to High Uncertainty [Law.com International]

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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