Paul, Weiss Joins Trend of Withholding Financial Data from Industry Rankings
Major law firm follows Kirkland & Ellis in opting out of annual revenue reporting.
1Strategic Shift in Reporting
Paul, Weiss has officially informed The American Lawyer that it will cease providing financial data for the annual Am Law 200 rankings. This decision, effective after the 2025 reporting cycle, marks a significant departure from industry norms. The firm joins Kirkland & Ellis, which recently adopted a similar policy regarding revenue disclosures.
2Performance Remains Strong
The firm is not concealing poor financial results, as its recent performance figures were historically high. Last year, Paul, Weiss reported $3.3 billion in revenue, representing a 24% increase from the previous year. Additionally, the firm disclosed profits per equity partner reaching $8.6 million, numbers typically showcased rather than hidden from public view.
3Context of Industry Upheaval
This move follows the collapse of the 95-year-old firm Weil Gotshal, which recently began winding down operations. Despite generating $2.1 billion in revenue and carrying no debt, Weil suffered from a mass exodus of key rainmakers. Paul, Weiss observed this decline firsthand, even recruiting Christopher Machera and his team from Weil.
4Growing Trend Among Giants
The practice of opting out of financial rankings is gaining momentum among elite Biglaw firms. Wachtell Lipton and Slaughter and May were early adopters of this secretive approach. Industry observers suggest that what was once considered a quirk is rapidly evolving into a standard trend for the most profitable legal entities today.
5Regulatory and Political Scrutiny
The timing of this decision coincides with potential increased scrutiny regarding high-profile legal deals involving political figures. Firms like Paul, Weiss and Kirkland & Ellis, which have managed controversial mandates, may face heightened oversight following recent political shifts. This environment likely influences the firm's desire to limit public access to internal data.
6Publisher Response to Secrecy
The American Lawyer maintains its commitment to transparency despite the firm's refusal to cooperate. Gina Passarella, chief content officer at the parent company, stated that clients and talent demand clarity. The publication intends to continue providing deep intelligence on the legal industry, even if it must rely on external estimates for data.
7Consequences of Going Dark
Withholding data does not make a firm's financial reality disappear; it merely forces third parties to calculate estimates. Dentons previously experienced this dynamic after stopping disclosures in 2014, leading to a prolonged conflict with the magazine. Relying on estimates often creates significant headaches for firms attempting to control their own public narrative.
8Implications for Legal Transparency
The shift reflects a broader tension between elite firms and the industry's traditional reporting mechanisms. While firms previously leveraged these rankings to signal prestige during growth periods, the current climate suggests a preference for privacy. This cooling relationship between Biglaw and industry analysts signals a new, less transparent era for legal business.