Latham & Watkins is set to boost partner pay by around 17% this year after a strong 2024 for the world’s second-largest law firm.
Latham has lagged behind some of its US law firm peers on profitability in recent years, recording average profit per equity partner of $5.5m for 2023. Rivals Kirkland & Ellis, Paul Weiss and Simpson Thacher & Bartlett posted average profit per equity partner of nearly $8m, close to $6.6m and $6.4m respectively in 2023, according to Law.com.