Modest topline growth but record PEP for HSF before Kramer Levin merger

Herbert Smith Freehills capped its final year as a standalone firm with record partner profits - though modest topline growth - ahead of its merger with US outfit Kramer Levin.

Revenue rose 4% to £1.36 billion in 2024/25, while PEP hit a new high of £1.4 million - up 8.6% year-on-year. The results mark the twelfth consecutive year of revenue growth for the firm.

The firm’s combination with Kramer Levin went live on 1 June, creating a global top 20 player with more than $2.5 billion in revenue, 2,700 lawyers and 26 offices. The deal significantly expands the firm's US footprint, adding more scale in New York and opening up new offices in Washington DC and Silicon Valley. Previously, HSF operated a single US base in Manhattan.

What they 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", said CEO Justin D’Agostino, now global chief of the merged firm. "We are proud to have achieved growth across all regions despite significant macroeconomic challenges in many of our markets."