The world`s 10 largest law firms have dominated the market for generations and are expected to continue to grow as economies thrive. The following companies are stapled names in the legal field and have paved the way for the industry. Here is BizVibe`s list of the world`s best law firms ranked by revenue in billions of dollars today. The top two places and six of the top 10 belong to law firms with a majority of their lawyers in China. DLA Piper, one of the world`s largest law firms with lawyers in over 40 countries, was formed in 2005 from a mega-merger of several international law firms. Allen & Overy, an international law firm and member of the UK`s Magic Circle of leading law firms, rounds out the list of the world`s largest law firms by turnover in 2020. Allen & Overy is known for advising on more transactional transactions than any other law firm in the world and has been among the only firms to surpass the $1 trillion mark in transaction value. As of 2020, Allen & Overy is the 10th largest law firm in the world. The last few weeks have been a roller coaster for the global economy and global stock markets. Despite the above issues, the law firm industry continues to grow rapidly, and according to Grand View Research, the global legal services market has approached $1 trillion, reached $908 billion in 2021, and is expected to continue growing at a CAGR of 5.3%, meaning it will surpass the trillion-dollar mark in a few years. years. The use of artificial intelligence in the legal industry has allowed it to grow rapidly and create efficiencies that have allowed the industry to maximize revenue and reduce costs and time.
Corporate lawyers are the largest segment of the legal industry, followed by litigation, then labor/employment, bankruptcy, and finally taxation. The use of law libraries has also increased, allowing lawyers to access more resources and make better, well-researched decisions. Large companies account for 36% of the total global share of the legal industry, as they offer diversified services in different segments. We have identified the 15 largest law firms in the world by number of employees. You won`t be surprised to learn that most of these firms are based in China or the United States, where the large population means there is a much higher demand for lawyers. Together, these 15 companies employ approximately 70,000 people. So, without further ado, let`s take a look at the law firms with the most employees, starting with number 15: These are the 10 largest law firms in America, according to the NLJ, as well as some ideas on the list: The Global 100 seems to have found its groove. After the turmoil of the financial crisis, which in 2009 led the world`s 100 largest law firms to collectively suffer their first decline in aggregate fee income, the Group has now settled into a pattern of slow and steady growth. Aside from a slight increase in 2011, when total Global 100 revenue grew by 6.8%, revenue growth over the past five years has been approximately 4%. Hogan Lovells is a British-American law firm based in London and Washington, D.C., and ranks 8th on this list of the world`s top 10 law firms by revenue in 2020. The company was born from the merger of the American law firm Hogan & Hartson and the British law firm Lovells. The firm employs 2,800 lawyers in more than 40 offices in the United States, Europe, Latin America, the Middle East, Africa and Asia.
Click here to see NLJ`s full list of the country`s 500 largest law firms, and click here to see Law360`s full list of the country`s 400 largest U.S. law firms. By the way, Latham was one of five firms to achieve growth of 10% or more in three key metrics: gross revenue, revenue per attorney, and profit per partner. Congratulations to Latham and his four colleagues: Jenner & Block, Pinsent Masons (UK), Simmons & Simmons (UK) and Wachtell Lipton. Depending on the jurisdiction in which the law firm operates, there are different types of law firms, including general partnership, sole proprietorship, limited liability company, limited liability company, professional association, and even a professional corporation. In some countries, such as the United States, only lawyers are allowed to have an ownership interest or manage law firms. Also, unlike most companies, law firms are not allowed to offer shares via an IPO, which is why you won`t see a law firm listed on the stock exchange. Clifford Chance ranks 6th on this list of the top 10 law firms in the world by revenue. Clifford Chance is a multinational law firm based in London, UK, widely known as a member of the Magic Circle.
With $2.07 billion in revenue and more than 3,300 lawyers in the firm, Clifford Chance ranks among the top 10 law firms in the world by revenue and headcount in 2020. DLA Piper ranks 4th on our list of the 10 largest law firms in the world by revenue in 2020 with revenue of $2.48 billion last year. DLA Piper is a multinational law firm with offices in more than 40 countries in the Americas, Asia Pacific, Europe, Africa and the Middle East. As a multinational law firm, the firm is headquartered in London and Chicago and currently employs more than 3,600 lawyers in terms of staff. DLA Piper`s main areas of activity are education, public procurement, insurance and technology. The parent company was founded in 1764, but the current organization dates back to 2005 with the merger of three law firms: Gray Cary Ware & Freidenrich LLP, based in San Diego, Piper Rudnick LLP, based in Baltimore, and DLA LLP, based in the United Kingdom. As one of the largest law firms in the UK, Freshfields Bruckhaus Deringer has over 28 offices and around 427 partners. The company operates in multiple jurisdictions on many continents, including Asia, Europe and North America. As thriving economies continue to be the main growth engine of the global legal services industry, expect the world`s top 10 law firms to continue to innovate and push the boundaries of legal services. Whether the legal practice is on a commercial or personal level, transactional business grows year over year and the best law firms are growing at excellent rates in 2020 and beyond. At No.
9 on the list of the world`s 10 best-selling law firms is Dentons, a multinational law firm with the largest number of lawyers in the world.