New York law elites post strong but uneven 2025 gains

Source: law.com

TL;DR

• Most elite New York law firms posted double-digit gains in revenue, profits per equity partner, or both for 2025.
• Simpson Thacher saw revenue spike 22.5% to $3.55 billion and profits per equity partner rise 11.8% to $8.57 million.[[1]](https://muckrack.com/patrick-smith-24/articles)[[2]](https://www.linkedin.com/posts/lawdotcomintl_simpson-thacher-bartlett-experienced-rapid-activity-7447320758961213440-o5FT)
• Gains varied widely due to unpredictable early-year transactional work and weak countercyclical practices like litigation.[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)

The story at a glance

The article reviews 2025 financial results for 16 top-grossing Manhattan-founded law firms, known as New York elites. Most saw strong growth in revenue per lawyer or profits per equity partner, following a solid 2024, but results spread across a full range with some outliers. It comes amid the release of 2026 Am Law 100 rankings, based on American Lawyer and Law.com reporting. This continues annual analysis of Big Law performance in a volatile market.[[4]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven/)[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)

Key points

• Covers 16 firms, including Simpson Thacher, Willkie Farr & Gallagher, Cahill Gordon & Reindel, Schulte Roth & Zabel, Fried Frank, and Skadden.[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)
• Simpson Thacher revenue up 22.5% to $3.55 billion, profits per equity partner up 11.8% to $8.57 million, headcount up 18% to 1,761 lawyers, equity partners up 12%.[[1]](https://muckrack.com/patrick-smith-24/articles)[[2]](https://www.linkedin.com/posts/lawdotcomintl_simpson-thacher-bartlett-experienced-rapid-activity-7447320758961213440-o5FT)
• Willkie Farr revenue up 8.8% to $1.77 billion, a new high.[[5]](https://www.law.com/compass/firm/LF00001223/Willkie/overview)
• Cahill Gordon revenue up 8.4% to $502.5 million; moderate-to-high gains across metrics but slight profit per equity partner dip.[[6]](https://www.law.com/compass/firm/LF00000191/Cahill/overview)[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)
• Fried Frank revenue up 7.2% to $1.22 billion record, revenue per lawyer up 4% to $1.65 million despite 3% headcount growth to 740.[[1]](https://muckrack.com/patrick-smith-24/articles)
• Growth uneven: transactional markets unpredictable in first half of 2025; some countercyclical areas underperformed.[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)

Details and context

These firms represent recognizable Big Law names founded in Manhattan, tracked yearly by The American Lawyer for revenue, profits, headcount, and leverage trends. The 2025 results build on 2024 strength but highlight market volatility—strong second-half transactional rebound offset early uncertainty, while litigation and similar practices lagged expectations.[[3]](https://www.law.com/americanlawyer/2026/04/07/many-new-york-elites-see-financial-surges-but-gains-were-uneven)

Many expanded nonequity tiers and headcount, as seen in Simpson Thacher's 34% nonequity growth, to handle demand without diluting equity profits. Three firms—Cadwalader, Skadden, Weil—saw headcount shrink.[[7]](https://assets.alm.com/23/ae/5ba134854bcaa2a31402dfb10875/nylj040826a.pdf)

This fits broader Am Law 100 patterns, where top firms grew revenue ~13% and net income 16% despite economic and tech disruptions.[[8]](https://www.law.com/americanlawyer/am-law-100)

Key quotes

No direct quotes from firm leaders or others sourced reliably in visible content or secondary reports.

Why it matters

Elite New York firms drive Big Law benchmarks, so their uneven gains signal resilience in transactional work amid broader uncertainty. Investors and partners gain insight into profitability levers like headcount control and practice mix for these high-stakes players. Watch full Am Law 100 details and 2026 half-year reports for signs of sustained M&A recovery or litigation pickup.[[9]](https://www.law.com/2026/04/14/the-2026-am-law-100-ranked-by-revenue-per-lawyer)