Linklaters' equity partners received a record average of £2.5 million each as pre-tax profits at the Magic Circle firm rose 11.6% to £1.2 billion. This uplift in profit per partner, by approximately £300,000, was accompanied by global revenues growing 6.8% to nearly £2.5 billion. According to managing partner Paul Lewis, the firm's Asia business was a standout, particularly with Hong Kong listings, where Linklaters advised on four of the top ten IPOs in 2025 and on EQT's $15.6 billion Asia-Pacific private-equity fund. The firm's US profits also surged by 39%, boosting its competition with other major firms like Freshfields, A&O Shearman, and Clifford Chance in the US legal market.
The firm's strong financial performance was also attributed to growth in various sectors globally. The UK business saw a 7% increase, highlighted by advisory roles for the UK government on the £38 billion Sizewell C nuclear project and Unilever's demerger of Magnum Ice Cream Company, followed by its listings in London, Amsterdam, and New York. Additionally, Linklaters enhanced its US presence by hiring a litigation team from Paul Weiss, which notably included advisers to FIFA.
Compared to its rivals, Linklaters outpaced Clifford Chance's revenue growth of just under 7%, although Clifford Chance's profit before taxes grew at a marginally lower rate of 11%. A&O Shearman, another Magic Circle firm, reported flat revenue and an increased profit per partner of £2.2 million in its first full financial year post-merger. Linklaters' strong and varied growth across key regions and practice areas indicates a successful strategic approach.
