In a landmark financial performance, Goodwin Procter LLP has announced a record-breaking $2.7 billion in annual revenue, underscoring its powerful momentum in mergers and acquisitions (M&A) and complex litigation. The impressive total marks a 12% increase from the previous year, setting a new benchmark for the Boston-founded Am Law 50 firm and signaling continued demand in key growth sectors.

A Strategic Shift Yields Historic Growth

According to Anthony McCusker, the firm’s chair and one of the architects behind its “Goodwin 2033” strategic vision, the year’s results stem from a focused effort to enhance collaboration between transactional and litigation teams. The firm has intentionally blurred the traditional divide between its dealmakers and litigators, ensuring cross-discipline agility and deeper client engagement across industries like life sciences, private equity, real estate, and technology.

The strategy appears to be paying off handsomely. Amid volatile market conditions, rising interest rates, and regulatory pressures, Goodwin’s deal and dispute teams continued to attract marquee clients and headline transactions—especially in private equity and capital markets, where the firm maintains one of the largest dedicated practices in the United States.

Litigation Arm Powers Ahead

Goodwin’s litigation practice emerged as a central growth engine, fueled by a surge in intellectual property, securities, and commercial disputes. The firm’s IP litigators were particularly active representing clients in life sciences and tech, two industries undergoing heightened patent-infringement battles and investor-driven lawsuits.

The litigation team’s success dovetails with Goodwin’s increasing work in shareholder activism and takeover defense, areas seeing a sharp uptick as investors pressure boards and management teams. To further strengthen that front, Goodwin recently brought on Leonard Wood, formerly of Sidley Austin, to spearhead its activism and takeover-defense group. His arrival reflects the firm’s intent to capitalize on a growing niche at the intersection of corporate governance and litigation.

M&A Excellence and Sector Diversification

While litigation brought substantial billings, M&A work remained Goodwin’s bedrock. The firm advised on several billion-dollar transactions in healthcare, real estate, fintech, and venture-capital spaces.

Private-equity and fund formation teams also delivered standout performances, advising both emerging managers and institutional investors on fund structures, exits, and secondary transactions. Goodwin’s long-standing relationships with venture-capital clients gave it a front-row seat to a market that—despite headwinds—continued to produce liquidity events and consolidation opportunities.

The firm’s healthcare and life-sciences practices were similarly buoyant, assisting biotech and pharmaceutical clients with mergers, licensing deals, and regulatory matters, particularly those tied to FDA and compliance concerns.

Leadership Transition and Vision for 2026

Looking ahead, Goodwin is preparing for a leadership transition set to take effect in October 2026. Joshua Klatzkin, a partner in the private-equity group, is slated to succeed Managing Partner Mark Bettencourt. Klatzkin, who has represented some of the firm’s largest fund clients, is expected to continue the firm’s trajectory of integrating transactional sophistication with cutting-edge litigation strategies.

McCusker emphasized that Goodwin’s success is not predicated on expansion through mergers—a popular trend among elite law firms—but rather through strategic discipline and client-focused innovation. “We’re not chasing mergers or headlines,” he said. “We’re building sustainable value through smarter structures and closer alignment with our clients’ long-term goals.”

Evolving Business Model and Alternative Fee Strategies

In a legal market increasingly demanding transparency and flexibility, Goodwin has embraced alternative fee arrangements (AFAs)—including fixed fees, success-based billing, and collaborations with litigation funders. These models have proven attractive to clients seeking predictability in high-stakes matters while allowing Goodwin to share in upside outcomes when favorable results are achieved.

The firm’s embrace of these progressive pricing structures has differentiated it from traditional competitors and contributed to steady client loyalty across industries.

Industry Context and Competitive Edge

Goodwin’s revenue growth roughly tracks broader trends in the Am Law 100, where leading firms reported an average increase of 11.4% in the first quarter of 2025, according to industry banking data. However, Goodwin’s consistent year-over-year trajectory and record revenue highlight its ability to maintain strong margins amid fierce competition for talent and slowing demand in certain transactional sectors.

By balancing its litigation boom with sustained M&A activity, the firm has created a resilient dual-engine model—one that positions it to weather market fluctuations more effectively than firms with narrower practice bases.

Future Outlook

As Goodwin continues to expand globally—particularly in New York, London, and Hong Kong—it is expected to double down on high-growth sectors like investment funds, fintech, healthcare, and ESG-driven corporate work. The firm’s 2033 strategic plan calls for ongoing investment in technology infrastructure, AI-enabled due-diligence tools, and enhanced client-service platforms.

With $2.7 billion in revenue, Goodwin has not only set a new internal record but also firmly secured its position among the most profitable global firms. The milestone reflects not just financial achievement, but a transformation in how modern firms structure, collaborate, and deliver legal services in a rapidly evolving marketplace.

💼 Stay Ahead in the Legal Industry
Goodwin Procter’s record-breaking year is just one sign of how fast the legal market is evolving. Don’t miss out on the latest law firm trends, career opportunities, and industry shifts shaping the future of law. Explore thousands of verified attorney and law firm positions today on our partner site LawCrossing.com — where top legal talent meets top opportunities.

The post Goodwin Procter Posts Record $2.7 B in Revenue Driven by M and A and Litigation first appeared on JDJournal Blog.

New York, August 2025 – The U.S. BigLaw sector is off to a promising start, delivering a substantial 11% year-over-year revenue increase in the first half of 2025. Fueled largely by strategic billing rate hikes, this financial uptick reflects both opportunity and caution within the legal industry.

Key Financial Highlights

• Strong Billing Rate Momentum
  Across the Am Law 200, first-quarter revenues jumped 11.3% from the prior year, with billing rates soaring by 9.5%—a trend continuing into the summer months.
• Revenue Growth Driven by Rates, Not Demand
  Despite the uptick in revenue, demand growth remained modest. Law firms raised charges despite only incremental increases in client demand.
• Industry-wide Gains
  Every tier of firms—Am Law 100 and Second Hundred—benefited from this growth, though the largest firms (Am Law 100) typically led with slightly higher gains.

What’s Powering the Upside?

• Rate Hikes Underpin the Surge
  Persistent increases in billing rates remain the central driver of revenue gains—outpacing both demand and headcount growth.
• Efficiencies Meet Constraints
  As firms raise fees, they still face pressures around staffing expansion, productivity plateauing, and rising operational costs.
• Caution Despite Optimism
  Analysts from Thomson Reuters and Reuters note that while top-line results are impressive, mounting risks—like unsold bills (collections lag) and diminishing productivity—could temper long-term momentum.

What It Means for the Legal Landscape

• Short-Term Financial Elation, Long-Term Prudence
  These mid-year gains may embolden firms to call this a successful start to 2025. However, sustainable growth will depend on balancing rate strategies with operational resilience and client demand trends.
• Opportunity in Services, Risk in Execution
  Firms are positioned to invest in high-demand practices like litigation, regulatory, transactional, and energy-related work—but only if they can maintain efficiency and collections health.

Looking to take advantage of BigLaw’s growth and position yourself for new opportunities? Explore exclusive law firm openings and career insights on BCGSearch.com—the nation’s leading legal recruiting platform. Find your next move today!

The post BigLaw Revenue Soars in 2025: What’s Behind the 11% Mid-Year Surge first appeared on JDJournal Blog.

Ropes & Gray Expands in Midtown Manhattan with Landmark Lease

Ropes & Gray, the Boston-founded law firm known for its prowess in corporate transactions and M&A, is making a major move in New York City. The firm announced Monday that it will relocate to a larger office space in Midtown Manhattan, underscoring its commitment to growth in the financial capital of the world.

The new office, located at 1285 Avenue of the Americas, will span over 535,000 square feet—a significant upgrade from its current location at 1211 Avenue of the Americas, just a few blocks south. The firm’s 20-year lease for the new space will take effect in 2028, providing a long-term hub for its expanding New York operations.

New York: A Strategic Hub for Growth

Ropes & Gray’s decision to expand reflects the firm’s strategic focus on New York as a critical market for its services. Firm Chair Julie Jones, recently reelected for a second five-year term, emphasized the importance of the city in a statement:

“New York serves as a strategic hub for our firm, our local clients as well as many of our global clients. We have experienced tremendous growth in this important city by dedicating ourselves to providing top-tier legal services to these clients and by recruiting many of the best lawyers in the New York market.”

Roughly one-third of Ropes & Gray’s 1,500 lawyers are already based in New York, with the firm’s reputation for delivering premier legal counsel attracting high-profile clients such as Bain Capital and Pfizer.

Big Law’s Appetite for Office Space Rebounds

The announcement comes as major law firms continue to ramp up their physical office presence, signaling a rebound from the pandemic-induced slowdown. According to real estate advisory firm Savills, law firm leasing activity has surged by nearly 30% year-over-year, reaching 6.4 million square feet of office space leased so far in 2024.

New York remains a dominant player in this resurgence, accounting for more than 25% of total law firm leasing activity in the third quarter. While Chicago led in the number of deals and larger transactions, New York firms have shown a robust return-to-office push, driven in part by Wall Street’s emphasis on in-person collaboration. Return-to-office rates in the city are now nearing 80% of pre-pandemic levels.

The trend is split across the industry, with about one-third of firms expanding their office footprints, another one-third scaling down, and the remainder maintaining status quo.

Ropes & Gray’s Financial and Market Performance

Ropes & Gray remains one of the most financially successful firms in the Big Law landscape. In 2023, the firm reported nearly $3 billion in revenue and $4.5 million in profits per equity partner, according to The American Lawyer.

The firm’s reputation for excellence extends to its deal-making expertise. Through the first three quarters of 2024, Ropes & Gray ranked among the top 20 advisers for mergers and acquisitions, based on Bloomberg data.

Recent Moves Highlight Expansion Beyond NYC

While New York represents a major growth area for Ropes & Gray, the firm has also been expanding its presence in Washington, D.C. Last month, it announced the recruitment of Amish Shah, who previously served as Senior Associate Counsel to President Joe Biden. Shah’s move underscores the firm’s continued focus on attracting top-tier legal talent to enhance its service offerings across jurisdictions.

A Bold Step for the Future

Ropes & Gray’s investment in its new Midtown headquarters is more than just a real estate transaction—it’s a statement of confidence in the firm’s trajectory and its commitment to serving clients in one of the most competitive legal markets. With nearly 20 years locked into its future Manhattan home, the firm is doubling down on its growth strategy and positioning itself for sustained success in the years ahead.

The post Ropes & Gray Expands in Midtown Manhattan with Landmark Lease first appeared on JDJournal Blog.

Summary: Although on average, law firm revenues increased, these increases were primarily seen in “big law” firms.

Last year was the best year on average for law offices across the country since the recession hit. However, according to the Wall Street Journal, averages are not always the best figures to use for such data.

In large, corporate firms, revenue rose by nearly 5% in 2014. However, the increase was due to the continued success of elite law firms, whereas over 100 others struggled to keep up.

Roughly 15 to 20 law firms lead the market, according to industry observers. Many are corporate firms that benefited from an increase in mergers-and-acquisitions work last year. These firms include Davis Polk & Wardwell LLP, Skadden, Arps, Slate, Meagher & Flom LLP, Kirkland & Ellis LLP, and Sullivan & Cromwell LLP.

At the 15 most profitable firms, revenue increased by an average of 6.6%. According to data collected by Citi Private Bank’s Law Firm Group, this was compared with a 4% increase in 170 other firms that Citi interviewed.

In D.C., law firm profits varied.

Bruce MacEwen, a legal consultant, said, “I think this gap is becoming insurmountable. If you’re a general practice, national-destination-for-nothing-in-particular law firm,” it’s easy to “fall behind.”

However, Citi’s total numbers show a better year for many law firms. According to the survey, net income increased by 6.1% on average, and profits per equity partner increased by 5.7%.

Although in past years, revenue increases were attributed to inflation and increased work rates, more work was actually presented to law firms in 2014, Citi said. Many legal advisers earned seven-figure fees as a result of $3.45 trillion worth of deals.

Among the most profitable firms were Paul, Weiss, Rifkind Wharton & Garrison LLP and Sullivan & Cromwell. Paul Weiss saw $3.85 million in profits-per-equity-partner, and Sullivan & Cromwell reported $3.68 million.

Paul Weiss reported billion-dollar revenue in 2014.

Law firms that focus on technology have also done well. Fenwick & West LLP and Cooley LLP, both of which focus on technology and life-sciences work, reported an impressive 19% in revenue increases. Fenwick advised on over 170 mergers and acquisitions, including representing WhatsApp Inc. when it was acquired by Facebook Inc. for $19 billion. Cooley’s increased revenue was largely due to adding 50 attorneys from the regulatory firm Dow Lohnes , which is no longer in existence.

For those firms that are not top-ranked or focused on technology, new methods of standing out in a buyer’s market must be assessed.

Some have attempted to merge with rivals. For example, Bingham McCutchen LLP dissolved last year when over 500 of its attorneys joined Morgan, Lewis & Bockius LLP. Last summer, Patton Boggs merged with Squire Sanders LLP, forming Squire Patton Boggs .

Mark Ruehlmann, the chairman and global chief executive of Squire Patton Boggs, said, “For us, the merger was an opportunity to stay ahead of our competitors.”

Other firms have refocused their efforts into certain practice groups or locales, arguing that they do not need to provide an endless array of services.

In the first nine months of 2014, hours and profits both increased.

Wiley Rein LLP , a Washington-based firm, closed its bankruptcy group last year. In March, 18 partners and senior attorneys were let go to maintain “our strategic and practice area goals.”

Dan DiPietro, the chairman of Citi’s law firm group, said, “Half the battle is figuring out what [firms] really have to offer here other than a slick logo and slick marketing campaign.”

Before the economy crashed in 2008, it was much easier for law firms to make money. Joe Conroy, the CEO of Cooley, said, “We were all running this ATM machine called big law firms. The notion of just being great, that’s the part that’s getting harder …You’ve got to have something else.”

Part of the issue is that firms who do transactional work have done well, but for other firms who depend on litigation, that practice has slowed. According to The American Lawyer, many firms took a hit when corporate America stopped spending as much on legal work.

Many legal experts expect litigation and other investigations resulting from the financial crisis to completely stop within the next year.

DiPietro said, “Overall there are still too many lawyers chasing too little work. But it’s not as bad as prior years.”

Source: Wall Street Journal

Photo credit: Bloomberg

The post Prestigious Law Firms Show Impressive Growth in Revenue first appeared on JDJournal Blog.

Summary: The law firm of Paul Weiss announced that its revenue for 2014 exceeded the billion-dollar threshold.  

In 2014, Paul, Weiss, Rifkind, Wharton & Garrison broke the billion-dollar threshold in revenue and set new records for attorney headcount and partner profitability, according to The American Lawyer.

Gross revenue at the firm jumped to $1.036 billion, which is a 10.9 percent increase from 2013.

All of the partners at the firm have equity status. Average profits per partner jumped by 6.2 percent to $3.845 million in 2014.

To read more about Paul Weiss, click here.

Firm chair Brad Karp said, “We were fortunate to have another record-breaking years in profits, revenues and pro bono hours. Plus, we broke the billion-dollar mark in revenues, which is a significant milestone for us.”

The firm saw its gross revenue increase because of large client demand, which forced the firm to hire more lawyers. The number of attorneys at the firm jumped by 10.4 percent to 943 lawyers.

“Our litigation, regulatory and transactional practices, which make up the bulk of our firm’s work, were exceptionally busy,” Karp said.

The firm worked on 145 global announced mergers and acquisitions valued at more than $161 billion.

To read more law firm news stories, click here.

“We are most proud of the fact that we have not cut corners or compromised our culture or core values to achieve our success,” Karp said.

Will Paul Weiss’ revenue continue to increase in 2015? Cast your vote using our poll.

Image credit: Paul Weiss

The post Paul Weiss Hits Billion-Dollar Revenue Threshold in 2014 first appeared on JDJournal Blog.

The lone blemish in the report was the firm’s revenue per lawyer, which decreased 1.5 percent to $1.192 million.

Perhaps the most encouraging news for Cravath is it managed the increases without having to cut its workforce. The number of lawyers at the firm increased to 477, an eight percent jump, and the number of equity partners went from 90 to 92, reports AM Law Daily.

Cravath, Swaine & Moore is a general practice firm. Founded in 1819, the firm is headquartered in New York City.

The post Revenue and Profits Increase at Cravath first appeared on JDJournal Blog.

The Legal Intelligencer reports the average compensation for all partners was $538,000, a three percent increase from the previous year. There are 193 equity partners at Drinker Biddle, two fewer than in 2008 and its 72 non-equity partners is one more than the previous year.

There are 619 full-time lawyers, just two fewer than in 2008.

Drinker Biddle & Reath LLP was founded in Philadelphia in 1849. The firm has 12 offices in the US. Its largest offices are in Philadelphia, Chicago, Florham Park, New Jersey, and Washington, DC.

The post Profits Steady but Revenue Down at Drinker Biddle first appeared on JDJournal Blog.