# Simpson Thacher Joins Biglaw Firms Withdrawing From Public Financial Reporting Elite law firms are abandoning transparency, citing limited value in traditional revenue rankings. - **Source:** [Above the Law](https://abovethelaw.com) - **Published:** 2026-11-12 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/f20c1bfa-33a9-43d1-aa58-fbc0fd55da36 ## Trend of Financial Secrecy Simpson Thacher & Bartlett has officially ceased public reporting of its financial results, marking the third major firm to do so in five weeks. Following Kirkland & Ellis and Paul, Weiss, the firm argues that traditional financial metrics offer a limited view of the actual value provided to their legal clients. ## The Am Law Impact For four decades, The American Lawyer rankings served as the primary disclosure regime for the legal industry. These rankings helped associates evaluate bonus scales and assisted clients in analyzing billing structures. With elite firms withdrawing, the industry's overall transparency is significantly declining, making the competitive landscape much harder to accurately assess. ## Strong Financial Performance Simpson Thacher is not withdrawing due to poor performance, as the firm reported a 22.5 percent revenue increase to 3.55 billion dollars in 2025. Profits per equity partner reached approximately 8.57 million dollars. Typically, such robust growth would encourage public promotion, but these firms are choosing to prioritize privacy over public accolades. ## Client Pressure and Rates A primary driver for this shift is the increasing pushback from corporate clients regarding aggressive rate hikes. By obscuring financial data, firms may be attempting to reduce the visibility of their profit margins during contract negotiations. This strategic silence aims to prevent clients from scrutinizing how much of their fees fund partner compensation. ## Political Scrutiny Factors Beyond financial optics, these firms face mounting congressional scrutiny regarding their dealings with the Trump administration. Simpson Thacher previously committed to a 125 million dollar pro bono pledge involving the administration. This association resulted in tangible consequences, such as Microsoft moving a major case to a firm actively litigating against the government. ## The Transparency Deficit The withdrawal of these heavyweights creates an information vacuum in a highly influential sector of the economy. While The American Lawyer has confirmed it will continue publishing estimates, the lack of official data makes these figures less reliable. This shift effectively lowers the standard for accountability across the entire Biglaw market landscape. ## Industry Precedents The move mirrors actions taken by long-standing holdouts like Wachtell Lipton and Slaughter and May, who have historically avoided public reporting. By adopting this stance, firms like Simpson Thacher are aligning themselves with a culture of exclusivity. This trend marks a departure from the transparency norms that defined the legal industry's modern era. ## Future Market Implications Observers should monitor whether this trend spreads to mid-sized firms or remains confined to the elite tier. As more firms go dark, the ability for lateral partners and associates to compare compensation packages will diminish. The long-term impact on firm reputation and client trust remains a critical uncertainty for the legal profession. ## Sources covering this story - https://abovethelaw.com/2026/11/simpson-thacher-says-financial-metrics-provide-only-a-limited-view-of-a-firm-so-now-you-get-no-view-at-all/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._