Kirkland & Ellis, the world’s highest-grossing law firm, has announced it will no longer share its financial performance data with a leading legal industry ranking known for tracking law firm profits and revenues. The firm informed The American Lawyer, which has relied on voluntary disclosure from firms for decades, that it no longer considers releasing this information “appropriate or necessary.”
Founded in Chicago, Kirkland has grown rapidly to become the largest law firm by revenue, with publicly disclosed 2025 figures showing a record $10.6 billion in revenue, up from $8.8 billion the previous year. Its equity partners received an average payout of $11.1 million, marking a 20% increase compared to 2024. While Kirkland operates as a private partnership in the United States and does not typically publicize its global financials, its UK division continues to file accounts publicly through Companies House.
The decision follows internal discussions that the firm’s executive committee has been considering for several years. A source familiar with the matter indicated that Kirkland’s leadership was dissatisfied with how the ranking’s key metric—average profits per equity partner—failed to reflect the significant disparities in partner compensation within the firm. Kirkland conveyed in a letter obtained by the Financial Times that sharing its financial results with such rankings no longer aligns with the firm’s goals or client interests. The firm declined to comment further.
This move mirrors a growing trend among top-tier law firms seeking to limit transparency around their financial metrics. In 2023, UK-based Freshfields Bruckhaus Deringer also ceased voluntary reporting of its financial results, despite being required to file some information with Companies House. Freshfields’ global managing partner, Rick van Asersen, highlighted that firm progress should be measured by client mandates and business quality rather than raw financial numbers. Similarly, firms such as New York’s Wachtell, Lipton, Rosen & Katz and London’s Slaughter and May do not share detailed financial data with rankings, prompting the publication to estimate their figures.
The legal industry has seen unprecedented growth in compensation for top lawyers, with some partners earning tens of millions of dollars annually, a development that has raised concerns among clients whose incomes often lag behind. Kirkland reportedly communicated its decision internally through a firm-wide email.
The ranking’s publishers said they would continue to provide a comprehensive market overview using a combination of direct engagement, independent research, and insights from trusted market sources. They emphasized their commitment to maintaining rigorous reporting standards even when firms opt out of participation.
Kirkland’s choice to withhold financial data could prompt other major firms to follow suit, potentially reducing transparency in a sector that has become both highly lucrative and increasingly opaque.