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.

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Foley & Lardner’s Growth Strategy

In its ongoing effort to expand its footprint, Foley & Lardner, a firm with a 2023 gross revenue of $1.17 billion, has announced the opening of a new office in Raleigh, North Carolina. This move positions the firm at No. 45 on the Am Law 100 list. The Raleigh office is strategically opened after acquiring a team of life sciences and health care lawyers from K&L Gates, which is ranked No. 40 on the same list.

Key Hires from K&L Gates

The new Raleigh office will be spearheaded by partners Joshua Skora, Andrea Cunha, and Leah D’Aurora Richardson. This team, which includes three associates with plans to expand further, brings a wealth of expertise in life sciences and health care. The decision to open in Raleigh aligns with Foley & Lardner’s long-term strategy to establish a strong presence in the region.

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Strategic Market Entry

Daljit Doogal, Foley & Lardner’s chairman and CEO, highlighted the importance of entering the Raleigh market. He emphasized that the firm had been eyeing this market for some time but was waiting for the right opportunity to establish a substantial presence. The new team’s focus aligns with the firm’s goals of growing its health care, corporate, and private equity practices in North Carolina.

Building a Local Presence

Doogal mentioned the firm’s intention to grow its headcount in Raleigh significantly. He stressed the importance of hiring local talent and immersing the firm in the local community. “There’s a lot of talented lawyers in that market, where we want to grow it and grow smartly with the right people,” he said. “But when we enter a market, we want to immerse ourselves in the market, we want to service clients in that market, we want to hire locally for that, we want to immerse ourselves in the community. That takes an office of critical mass.”

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Future Prospects

The new Raleigh office marks a significant step in Foley & Lardner’s expansion plans. By bringing in a specialized team from K&L Gates, the firm aims to strengthen its position in the competitive legal landscape of North Carolina. Best of luck to Foley & Lardner as they continue to grow and make their mark in the Raleigh market.

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Top Wall Street lawyers are in such high demand that bidding wars for their services are becoming commonplace, resembling the frenzy in professional sports. As a result, eight-figure pay packages, once rare, are becoming increasingly common for corporate lawyers at the pinnacle of their profession. Many of these highly sought-after lawyers specialize in private equity.

The Role of Private Equity in Driving Demand

In recent years, private equity firms like Apollo, Blackstone, and KKR have diversified beyond company buyouts into areas such as real estate, private lending, and insurance, amassing trillions in assets. This expansion has significantly increased their need for legal services, making them major revenue drivers for law firms. Consequently, lawyers with strong ties to private equity now enjoy pay and prestige comparable to those representing blue-chip companies in high-profile mergers and litigation.

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Rising Salaries Across Prestigious Firms

The surge in demand for legal services from private equity clients has pushed up lawyer salaries across the industry, especially at elite firms like Kirkland & Ellis, Simpson Thacher & Bartlett, Davis Polk, Latham & Watkins, and Paul, Weiss, Rifkind, Wharton & Garrison. Lawyers connected to private equity firms increasingly command salaries that mirror those of top lawyers handling major corporate deals and litigation.

Concerns Over Escalating Salaries

While some compare the current situation to the star-centric model of the NBA, others worry that skyrocketing pay packages could strain law firm budgets. For instance, Sabina Lippman, co-founder of the legal recruiter Lippman Jungers, noted that $20 million annual pay packages are becoming the new norm for top lawyers. One law firm hiring partner mentioned that such pay is typically reserved for those who can generate over $100 million in annual revenue for their firm.

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Kirkland & Ellis: A Leader in Private Equity Law

Kirkland & Ellis has emerged as a key player, attracting top talent from rival firms with lucrative pay packages. The firm’s strategy of poaching heavy hitters from competitors has intensified the competition among elite law firms. Firms like Simpson Thacher, Latham & Watkins, Davis Polk, and Paul, Weiss have responded by adjusting their compensation structures or expanding their budgets to retain star lawyers. This competitive landscape has led to notable hires and pay increases across the industry.

The Shift Towards Merit-Based Compensation

To some, the evolving landscape represents a more meritocratic system where partners are paid based on talent rather than seniority. Historically, firms like Cravath followed a lock-step system linked to seniority, but this model is gradually changing. Firms are now operating more like businesses, with compensation reflecting individual performance and client relationships.

The Financial Impact of Private Equity Growth

Kirkland’s early focus on private equity clients has yielded substantial rewards. Globally, private equity firms managed $8.7 trillion in assets in 2023, more than five times their assets during the 2007 financial crisis. This growth has translated into significant revenue for law firms, with Kirkland alone generating over $7 billion in gross revenue in 2023, making it the world’s highest-grossing law firm.

Competitive Poaching and Strategic Hires

The competition for top legal talent has led to aggressive poaching among law firms. Kirkland has successfully recruited top partners from firms like Simpson Thacher, Latham & Watkins, and Paul, Weiss, strengthening its private equity practice. Other firms have responded by hiring notable lawyers from rivals and adjusting their compensation strategies to remain competitive.

The Role of Compensation Guarantees

To attract and retain top talent, firms are increasingly offering multiyear compensation guarantees. These guarantees, which ensure a specific share of profits for a set period, are becoming popular despite the risks associated with fixed payments. This approach has further intensified the competition for high-profile lawyers, driving up pay across the industry.

Broader Impact on Lawyer Compensation

The intense demand for private equity lawyers has had a ripple effect, increasing pay for lawyers even outside this niche. Firms like Freshfields have recruited lawyers with compensation packages in the range of $10 million to $15 million, highlighting the widespread impact of the competitive market for legal talent.

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In a strategic move aimed at expanding its private equity practice and strengthening client relationships, Sidley Austin, a prominent law firm, has welcomed four seasoned private equity lawyers from New York-based rivals Paul Weiss, Rifkind, Wharton & Garrison. The additions of three partners and one counsel mark a significant development for Sidley Austin and underscore the firm’s commitment to growth.

New Partners and Counsel Enhance Sidley’s Presence

Jeffrey Kochian, Gerald Brant, and Brittany Harrison have joined Sidley’s New York office as partners, with Erika Cohen joining as counsel. Notably, this transition represents a promotion for Harrison and Cohen, who previously served as associates at Paul, Weiss.

Strengthening Ties with Paul Weiss

This quartet of legal professionals brings the tally of private equity lawyers recruited by Sidley Austin from Paul Weiss to an impressive 11 since the summer. This recruitment drive underscores Sidley Austin’s strategic approach to talent acquisition and its focus on strengthening its position in the private equity sector. The move follows the addition of two London-based lawyers from Paul, Weiss in August.

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Acknowledgment from Paul Weiss

A spokesperson for Paul Weiss expressed gratitude for the contributions of the departing lawyers and wished them success in their new endeavors. This move comes after Paul Weiss announced recruiting 12 private equity partners from another U.S. rival, Kirkland & Ellis, in September.

Key Clients and Focus Areas

Apollo Global Management has been a consistent client for Jeffrey Kochian and Sidley Austin. Kochian was pivotal in representing Apollo Global Management in its notable transactions, including the $8.1 billion take-private purchase of Univar Solutions and the $1.96 billion buyout of Great Canadian Gaming.

“We’re leaning into expanding where we have existing clients and where people are known to us,” stated Yvette Ostolaza, Chair of Sidley Austin’s management committee, emphasizing the strategic focus on client relationships.

Impressive Legal Background

Before joining Paul Weiss in 2021, Kochian and Brant were partners at Akin Gump Strauss Hauer & Feld. Kochian, in particular, co-led the Akin team in the successful representation of Alden in its $630 million purchase of Tribune Publishing, which owns renowned publications such as the Chicago Tribune, the New York Daily News, and the Baltimore Sun.

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Growth Strategy and High-End Talent

Brian Fahrney, the global co-leader of Sidley Austin’s M&A and private equity group, highlighted the significance of these high-profile hires, stating, “High-end PE lawyers are difficult to find. These guys are very high-end.” Fahrney further emphasized Sidley Austin’s commitment to growth, specifically in the key financial hubs of New York and London.

In summary, Sidley Austin’s strategic recruitment of top-tier legal talent from Paul Weiss underscores its commitment to expanding its private equity practice and solidifying relationships with key clients, positioning itself as a major player in the competitive legal landscape.

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Kirkland & Ellis has 9 offices total, with 6 in the United States. They are best known for their litigation, bankruptcy, and intellectual property departments. They have a track record of high revenues and profits, topping $1.3 billion in revenues in 2007.

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