Linklaters has announced its strongest financial results to date, with revenue soaring by 10% to exceed the £2 billion mark for the first time, reaching £2.1 billion. This milestone in revenue was complemented by the firm’s highest-ever pre-tax profit of £942 million, marking a 10.3% increase. Consequently, profit per equity partner (PEP) rose by 8%, returning to the £1.9 million level last recorded in 2022.

The UK Magic Circle firm attributed its record performance to significant gains in both the US and UK markets. Revenue in the US surged by 24% for the financial year ending on April 30, reflecting robust growth amid intense competition. Notably, Allen & Overy’s recent merger with New York’s Shearman & Sterling to form A&O Shearman, and Paul Weiss’s aggressive recruitment of four Linklaters partners to bolster its private equity team, underscore the competitive landscape.

Paul Lewis, Firmwide Managing Partner, stated: “It’s been an exceptional year with record financial results and revenues exceeding £2 billion for the first time. We’ve seen a strong performance across the firm, with M&A, complex restructurings, contentious mandates, and energy transition-linked projects being the primary drivers of growth.”

Linklaters highlighted its leading role in the M&A market resurgence in 2024. Recent mandates include advising Britvic on its £3.3 billion acquisition by Carlsberg and Mondi on its proposed £5.14 billion all-share offer to acquire DS Smith. The firm also reported a banner year for its litigation, arbitration, and investigations division, citing notable cases such as advising various Telefonica entities in a major competition case and representing Visa in ongoing multi-billion-pound interchange fee litigation.

The firm’s record results reflect its strategic initiatives and resilience in a dynamic legal market.