Linklaters has spent years talking about its international growth strategy. This year, the numbers suggest it’s paying off.
The Magic Circle firm reported revenue of £2.5 billion ($3.3 billion) for fiscal 2026, a 6.8% increase over the previous year. Pre-tax profit climbed 11.6% to £1.2 billion ($1.6 billion), while profit per equity partner rose 11.4% to £2.5 million ($3.34 million).
The firm’s strongest performances came from the very markets it’s been working hardest to expand.
Profits in the U.S. jumped 39%, while Asia posted 36% growth, easily outpacing Europe (10%) and the UK (7%). For firmwide managing partner Paul Lewis, there was no question which region stole the show. As he explained to Bloomberg Law:
“Asia has been the story of the year for me. Our Asia performance, after a number of years where the entire region’s market was a bit slower, came roaring back and we were strong across the board.”
The U.S. remains another major focus. Lewis said the firm is continuing to build its brand in the American market as it expands its cross-border practice. “We are building a brand in the US rather than having a brand in the US,” Lewis said. “And as things currently stand, we know that it’s building on trajectory.”
That strategy has included lateral hiring, with the firm continuing to add prominent lawyers to strengthen its U.S. platform. One thing Lewis says isn’t part of the plan, however, is a merger with an American firm.
His comments come just days after a Semafor report claimed Linklaters unsuccessfully approached Cleary Gottlieb about a merger earlier this year — a report both firms publicly denied. Lewis flatly rejected the idea: “We have not approached anyone for a merger. We’re happy pursuing the strategy we’re pursuing.”
If these financial results are any indication, Linklaters doesn’t see a merger as necessary. Its strategy of growing its U.S. practice, capitalizing on cross-border work, and taking advantage of Asia’s rebound appears to be doing exactly what the firm hoped it would.
Linklaters Revenue Creeps Up as US, Asia Return Soaring Profits [Bloomberg Law]
Earlier: Another Rumored Biglaw Merger Falls Apart Before It Begins
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
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