Linklaters breaks £2m PEP barrier in record year - with US profits up 57%

Linklaters has posted record results for 2024/25, with PEP topping £2 million for the first time and pre-tax profit hitting £1.08 billion - a 14% rise year-on-year.

The firm reported global revenue of £2.32 billion, up 11% on the previous year, while PEP climbed 15% to £2.2 million. All core markets recorded profit growth, but the US was the clear standout, with profits up 57%.

The results follow a period of heavy investment, particularly in the US.

Since May last year, Linklaters has hired 13 lateral partners in the US, including a high-profile New York litigation team in February, and a four-partner New York finance team from A&O Shearman in October that included David Lucking who was global co-head of A&O’s financial markets practice.

Meanwhile, M&A dealmaker George Casey - who joined from legacy Shearman & Sterling at the start of 2024 alongside five other lawyers - was appointed chair of the Americas in June.

The wider partnership also expanded, with 27 laterals and 34 global promotions in the past year overall. In Europe, the firm recently added an eight-lawyer restructuring team and a leveraged finance partner duo from McDermott in Paris.

Last month, the partnership re-elected Aedamar Comiskey and Paul Lewis to lead the firm until 2029 following a strong vote of support.

What they said

Managing partner Paul Lewis said: "We have a clear vision and strategy to put us in the strongest position to win the most complex, cross-border mandates for the world’s leading corporates, banks, funds and financial sponsors.

"Our FY25 results and our performance in industry league tables, rankings and awards reflect the progress we have made and the strength of our global platform. I'd like to take this opportunity to thank our teams across our global network for their hard work and for always delivering exceptional results for our clients."