Global firm posts best-ever profits and revenue in its final year before merger with its US counterpart
In a final blaze of financial glory before a major transatlantic merger, international law firm Herbert Smith Freehills Kramer has announced record-breaking results—marking the end of an era and the start of a new global chapter.
For the financial year ending 30 April 2025, the firm delivered a 9.5% surge in profit, reaching £486.9 million. Revenues climbed 4% to £1.358 billion, while profit per equity partner (PEP) jumped 8.6% to an eye-watering £1.428 million. These results represent the firm’s strongest financial performance to date—just before it completes its full integration with US firm Kramer Levin.
Justin D’Agostino, global chief executive, hailed the firm’s consistent performance despite challenging global conditions. “We are proud to have achieved growth across all regions despite significant macroeconomic challenges in many of our markets,” he said. “This is our best-ever financial performance and marks 12 consecutive years of revenue growth—a very fitting final set of results for Herbert Smith Freehills.”
D’Agostino credited the firm’s balanced approach to transactional and disputes work across major financial hubs as key to its sustained success. “HSF Kramer spans the major financial centres of the world with a balanced offering across transactions and disputes, with specialisms in many sectors,” he added.
Among the firm’s major achievements this year were strategic expansions into Luxembourg and Germany. The launch of a Luxembourg office and the recruitment of a 10-strong team in Germany bolstered its footprint in Europe, positioning the firm to capitalise on post-Brexit legal work and cross-border financial opportunities.
Embed from Getty ImagesBut the standout move came in the form of its long-anticipated merger. The combination with Kramer Levin—a well-established player in the United States—signifies the culmination of a core strategic goal for the firm. “In previous years, we noted the importance of an expanded US presence—and we made it one of our highest strategic priorities,” D’Agostino said. “I am proud that we have turned that ambition into a reality.”
The merger finalises Herbert Smith Freehills’ ambition to build a more expansive global presence, with deeper roots in the competitive US legal market. Legal analysts have called the combination one of the most significant in the transatlantic legal scene in recent years, with the potential to reshape client offerings across disputes, regulation, and finance.
D’Agostino’s leadership has been marked by steady growth, calculated expansion, and bold strategic decisions. The firm’s performance under his watch has proven resilient—even in the face of inflation, slowing deals, and geopolitical instability. This year’s results serve not just as a financial high point, but also as a defining close to the firm’s independent identity.
Now rebranded as HSF Kramer, the firm enters the global top-tier arena with increased scale and competitive muscle. Industry insiders expect the merged entity to target larger cross-border mandates and compete more aggressively with the so-called magic circle and US elite firms.
With profits soaring, a stronger European presence, and a new foothold in the American legal battlefield, Herbert Smith Freehills Kramer exits the stage on a financial high—setting the tone for what could be a formidable new era.
