Partners at elite corporate law firms are now earning more than $11 million a year after Kirkland & Ellis became the first law firm in history to surpass $10 billion in annual revenue.

Even as parts of the private equity market slowed, the world’s biggest law firms continued cashing in on megadeals, restructuring work, AI-related disputes and corporate investigations. Partner payouts across the top tier of BigLaw have surged as firms fight over the industry’s biggest clients and most valuable rainmakers.

At the highest-paying firms, equity partner salaries and profit shares can now exceed $10 million annually. Some firms are reportedly offering guarantees worth tens of millions of dollars to poach star lawyers from competitors.

Here are the highest-paying law firms for partners in 2026 based on profits per equity partner (PEP), financial disclosures and legal industry reporting.

1. Wachtell, Lipton, Rosen & Katz

Estimated Profit Per Equity Partner: $12.1 Million

Wachtell ranks as the most profitable law firm in the world on a per-partner basis.

The New York powerhouse dominates takeover battles, activist defense and high-end mergers while operating with a relatively small partnership structure that concentrates profits among a limited group of senior lawyers.

2. Kirkland & Ellis

Estimated Profit Per Equity Partner: $11.1 Million

Kirkland & Ellis became the first law firm ever to surpass $10 billion in annual revenue after reporting roughly $10.6 billion in revenue during 2025.

The firm advised on more than $800 billion worth of mergers and acquisitions globally and kept expanding despite weaker conditions across parts of the private equity market. Kirkland still dominates private equity, restructuring and corporate litigation at a scale few rivals can match.

3. Davis Polk & Wardwell

Estimated Profit Per Equity Partner: $9.8 Million

Davis Polk has long been one of Wall Street’s most prestigious legal names.

Its banking, capital markets and corporate finance practices continue to generate huge fees from major financial institutions and multinational companies.

4. Quinn Emanuel Urquhart & Sullivan

Estimated Profit Per Equity Partner: $9.5 Million

Unlike most firms near the top of the rankings, Quinn Emanuel built its business primarily through litigation rather than corporate deal work.

The firm has profited heavily from technology disputes, arbitration battles and contingency-fee cases involving enormous claims and settlements.

5. Gibson, Dunn & Crutcher

Estimated Profit Per Equity Partner: $8.9 Million

Gibson Dunn has become one of the legal industry’s most influential firms in appellate litigation, white-collar investigations and corporate advisory work.

Its investigations and regulatory practices have grown increasingly valuable as governments intensify scrutiny of multinational corporations, financial markets and technology companies.

6. Latham & Watkins

Estimated Profit Per Equity Partner: $7.1 Million

Latham & Watkins remains one of the largest firms in the legal industry by both revenue and headcount.

Heavy involvement in finance, infrastructure, energy and private equity deals has helped keep profits high even during slower periods in the market.

7. Sullivan & Cromwell

Estimated Profit Per Equity Partner: $6.5–7 Million

One of the oldest elite Wall Street firms, Sullivan & Cromwell continues to advise banks, governments and multinational corporations on some of the world’s largest financial transactions.

The firm remains especially powerful in banking regulation, investigations and cross-border corporate work.

8. Paul Hastings

Estimated Profit Per Equity Partner: $6.7 Million

Paul Hastings has rapidly expanded its finance and private equity practices over the past several years.

That growth has helped push the firm into the upper tier of BigLaw profitability, particularly in London and the United States.

9. Skadden, Arps, Slate, Meagher & Flom

Estimated Profit Per Equity Partner: $6 Million

Skadden remains one of the most recognizable names in corporate law.

The firm continues making enormous sums from mergers and acquisitions, restructuring work and large-scale litigation despite intensifying competition across the legal market.

10. Milbank

Estimated Profit Per Equity Partner: $5–6 Million

Milbank has become increasingly influential in leveraged finance and restructuring matters.

The firm is also known across the legal industry for helping trigger associate salary wars after repeatedly increasing compensation ahead of competitors.

What Is Profit Per Equity Partner (PEP)?

Profit per equity partner, commonly shortened to PEP, measures how much profit a law firm generates for each equity partner.

PEP is generally seen as one of the clearest measures of a law firm’s financial health, though actual earnings can vary significantly depending on seniority, client relationships and business generation.

Not every partner at a major law firm holds equity status. Many firms also have salaried or non-equity partners who do not receive a direct share of firm profits.

Why BigLaw Partner Pay Keeps Rising

Several factors are driving the surge in partner compensation.

Private equity firms continue spending heavily on legal advisers during acquisitions, financing deals and restructurings. At the same time, AI regulation, cybersecurity disputes, antitrust enforcement and international investigations have created a steady flow of lucrative legal work.

Many firms have also moved away from traditional lockstep compensation systems in favor of pay structures tied more closely to revenue generation.

That has intensified competition for rainmakers capable of bringing major institutional clients with them when switching firms.

Which UK Firms Pay Partners the Most?

Although American firms dominate the top of the rankings, several UK-based firms continue generating multi-million-pound partner payouts.

Macfarlanes, Freshfields, Linklaters and A&O Shearman remain among the strongest-paying firms in London, though partner profits generally sit below the highest-paying U.S. firms.

The rapid expansion of American firms into London has also increased compensation pressure across the UK legal market, particularly in private equity and finance.