Magic Circle giant reports 11% revenue leap and celebrates strongest-ever US results, with pre-tax profit exceeding £1bn for the first time
Linklaters has reported record-breaking financial results, revealing that its revenue soared 11% to £2.32bn in the year to 30 April, powered by a sharp 57% jump in US profits. The firm’s pre-tax profit broke the £1bn barrier for the first time, hitting £1.08bn, with profit per equity partner (PEP) also up 15% to £2.2m.
Managing partner Paul Lewis credited the firm’s global strategy for the bumper year, highlighting growth across core markets and a firm-wide drive to land high-stakes, cross-border mandates. “These results demonstrate the strength of our global platform,” Lewis said. “We’re proud of the exceptional results our teams have delivered for clients.”
The firm’s US operations were particularly strong. Despite trailing rivals in terms of overall partner count—Linklaters has 53 US partners compared with Clifford Chance’s 120 and Freshfields’ 107—the firm posted a remarkable 57% profit increase stateside. The US hiring spree included 13 lateral partner hires and a key six-lawyer M&A team from Shearman & Sterling led by veteran dealmaker George Casey, who was later appointed chairman of the Americas.
Further standout US hires included four partners from New York litigation boutique Patterson Belknap and a high-profile finance team from A&O Shearman, including former global financial markets co-head David Lucking.
In terms of dealmaking, Linklaters’ corporate division advised on $211bn worth of transactions in 2024, with momentum carrying into 2025. Major mandates included Dow’s $6bn partnership with Macquarie Asset Management and Rio Tinto’s $6.7bn acquisition of Arcadium Lithium. The firm also acted on headline IPOs, such as CATL’s $5.3bn debut on the Hong Kong stock exchange.
Embed from Getty ImagesBeyond M&A, the firm reported surging demand in complex finance and restructuring matters. Highlights included its role in the £2.85bn financing for the takeover of Royal Mail’s parent company, IDS. Across structured finance, project financing and leveraged deals, Linklaters said activity remained brisk.
On the litigation front, the firm flagged a banner year for competition disputes. Key representations included Visa in its ongoing interchange fee litigation and Sony Interactive Entertainment in class actions tied to the PlayStation Store.
Globally, the firm promoted 34 new partners and made 27 lateral hires—reinforcing its push to remain competitive in a consolidating global market. Despite strong US momentum, Linklaters continues to lag behind A&O Shearman in American scale. Even after senior exits, A&O Shearman still counts 170 US partners, dwarfing the Linklaters tally.
Linklaters is the first of the Magic Circle firms to publish FY25 results. A&O Shearman and Clifford Chance are expected to report shortly. Freshfields, however, has opted out of annual results disclosures since 2023.
