The $12 million partner era: PEP rankings widen the elite tier

Analysis of full Am Law 100 PEP rankings shows that several firms now operate above $9 million per equity partner — a figure that topped the market just one year ago. Kirkland leads on revenue ($10.556 billion) and ranks second on PEP at $11.12 million. Davis Polk ($9.80 million), Quinn Emanuel ($9.55 million) and Gibson Dunn ($8.89 million) round out the top five below Wachtell. Latham ($8.65 million), Paul Weiss ($8.63 million), Simpson Thacher ($8.57 million) and Paul Hastings ($8.33 million) complete a top ten that has moved decisively above the figures that defined market leadership as recently as 2024. The widening gap between elite-tier and median Am Law 100 PEP is now the central structural fact of BigLaw economics.