Law is a big business that provides services. Business, finance, taxes, lawsuits, business services, conflicts, patents, copyrights, unfair business practices, property, labor, arbitration, administrative, political, and social matters require law knowledge. Even though there are other ways to rank law firms, like the amount of money made per partner or litigator, the number of lawyers or the percent growth from one year to the next, annual revenue is still the most accurate, coherent, and easy to follow measure. In 2020, the largest legal firms in the world were making the global legal service sector grow quickly. How big is the business of legal services? By 2025, the global legal services market is expected to be worth USD 1,045.24 billion, growing at a CAGR of 4.1% over the next ten years.
Even though there are other ways to rank law firms, like earnings per partner or lawyer, amount of lawyers, or percent growth from year to year, annual revenue is the most accurate, consistent, and straightforward.
While being a lawyer is a way to make a living, a law firm is a way to get there. It is where lawyers work and use their legal and perceptive skills to solve their clients' problems. So, it's hard for a lawyer to live without a law firm, just like it's hard for a doctor to live without a hospital.
RAVATH, SWAINE & MOORE LLP
People often say that Cravath, the most prestigious law firm, wrote the book on how to be a lawyer and help other lawyers. The company tends to hire the best people from all over the world and encourages a professional atmosphere of respect. People who are good at handling stress, have a strong sense of right and wrong, and are intellectually curious will do well at the firm.
Cravath's practice areas include:
- Antitrust, financial companies, and credit.
- Capital markets.
- Company management.
- Executive pay and perks.
- Mergers and acquisitions.
- Securities law lawsuits.
- Tax.
- Trusts and estates.
- White-collar criminal defense.
More than a third of Cravath's clients are from outside the U.S., and all of the firm's practice areas are interested in international issues.
Sidley Austin LLP
Sidley is composed of lawyers from many different cultures committed to working as a team, sharing ideas, and providing excellent customer service. Sidley has built a reputation for a successful relationship with the customer in complex transactional, regulatory, and litigation matters in many areas of law. It has a long list of well-known clients in industries like banking, energy, health care, health coverage, life sciences, and new tech.
Sidley Austin has more than 1,900 lawyers in more than 20 countries worldwide, making a huge amount of money: $nearly 2 billion.
DLA Piper
DLA Piper is one of the biggest law firms in the world, with lawyers in much more than 40 countries. It was formed in 2005 when several international law firms merged into one big firm.
This company came third with $p.36 billion in annual sales. It has offices in both London and Chicago. It has almost 4,000 lawyers working in its different offices. They specialize in education, government contracts, insurance, and technology.
Latham & Watkins LLP
The American law firm Latham & Watkins Public Limited Partnership in 1934 in Southern California, Cali. It is probably one of the largest law firms in the world, with offices in China, Hong Kong, Luxembourg, Hong Kong, France, Paris, Italy, and Germany, to name a few.
The firm has more than 3.5 lakh lawyers who work together to help clients with their complicated laws and corporate problems. Latham is still one of the best firms for real estate, corporate, environmental, litigation, mergers and acquisitions, and intellectual property law. Latham and Watkins LLP won many awards in April 2021, including "IP payment firm of the year" and "number one global M&A legal advisor of the year."
Conclusion
Top 10 largest law firms in the world are ranked by their income and reputation in international services. The best law firms in the world have made it possible for more transactional deals, better legal assistance, and legal practice worldwide. For the 2020 fiscal year, each of the top three firms, Kirkland & Ellis, Latham & Watkins, and DLA Piper, made more than $3 billion in revenue. Kirkland & Ellis made the most money, with $ 5 billion, and Clifford Chance made the least, with $2.34 billion. Only one of the firms, Clifford Chance, has its headquarters outside of the U.S., which is in London. Dentons doesn't have a main office, but it has the most lawyers and offices in China.
