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Linklaters

Linklaters reports record revenue and profit in FY25

Linklaters has released its financial results for the year ended 30 April 2025, reporting record revenue and profit, supported by a strong acceleration in growth in the U.S.

Highlights

  • Revenue was £2.32bn, +11% vs FY24, with a strong performance across all core markets and strategic priority areas
  • Pre-tax profit was £1.08bn, +14%, exceeding £1bn for the first time
  • Profit growth in all core markets: Asia +13%, Europe +3%, UK +8%, and US +57%
  • Profit per all partners was £2.1m, +15%
  • Profit per equity partner was £2.2m, +15%
  • 27 lateral partner hires and 34 new partner elections globally

Paul Lewis

"We have a clear vision and strategy to put us in the strongest position to win the most complex, cross-border mandates for the world’s leading corporates, banks, funds and financial sponsors. Our FY25 results and our performance in industry league tables, rankings and awards reflect the progress we have made and the strength of our global platform. I'd like to take this opportunity to thank our teams across our global network for their hard work and for always delivering exceptional results for our clients.”

Paul Lewis, Firmwide Managing Partner

Strengthening the global platform
Leading on the biggest, most complex, cross-border corporate deals
Growth in complex global financings and restructurings
Acting on business-critical contentious mandates
Strong recognition in league tables, rankings and industry awards

Linklaters made 27 lateral partner hires across its global platform since 1 May 2024 and elected 34 new partners. This includes 13 lateral partner hires in the U.S., including adding a market leading litigation team of Adeel Mangi, Muhammad Faridi, Diana Conner and George LoBiondo and strengthening its finance offering in New York with David Lucking, John Hwang, Derek Poon and Dan Guyder. The firm also appointed George Casey as Chairman of the Americas.

Linklaters made 14 lateral partner hires across the Netherlands, Germany, London, Hong Kong SAR, Sweden, and most recently in Paris, where it recruited market-leading restructuring and insolvency specialist, François Kopf, as its Global Chair of Restructuring and Insolvency, Mathieu Della Vittoria, as a partner, and a team of six, further strengthening its global Restructuring and Insolvency practice. This was alongside, the elections in Paris of Pierre-Arnoux Mayoly and Shirin Deyhim as partners in the firm’s Leveraged Finance practice.

Linklaters’ market-leading Corporate practice advised on US$211bn worth of deals in 2024 and that momentum has continued into 2025. This included advising Dow on its US$6bn partnership with Macquarie Asset Management to launch Diamond Infrastructure Solutions, Volkswagen on its US$5.8bn investment and joint venture transaction with Rivian, Carrier on its US$3bn sale of its Commercial and Residential Fire Business, DigitalBridge on its acquisition of Yondr Group, BASF on its US$1.15bn sale of its Brazilian decorative paints business, and Unilever on its carveout and demerger of its global ice cream business.

The firm experienced strong demand for public M&A, advising Rio Tinto on its US$6.7bn acquisition of Arcadium Lithium, Rightmove on its £5.6bn bid defence, Covestro on its ongoing public takeover offer by ADNOC, Spirent on its £1.16bn competing takeover offer, and the consortium of Macquarie Asset Management and British Columbia Investment Management Corporation on their £700m recommended cash offer for Renewi Plc.

The firm also advised on the biggest IPOs in the market, including advising the underwriters on CATL's US$5.3bn HKEX debut, and the underwriters on Talabat Holding plc’s listing on the Dubai Financial Market – the largest global tech IPO in 2024.

Linklaters saw significant demand for complex financing and R&I work. The firm’s top-tier R&I practice, ranked Band 1 in Chambers Global, Europe, UK and U.S. 2025, and Tier 1 in Legal 500 UK and Worldwide for Corporate Restructuring & Insolvency in 2025, advised Country Garden on its offshore debt restructuring in Asia, amongst many others.

In FY25, there was also strong deal flow across project financings, driven by corporate lending, structured finance and leveraged finance. The firm continued to lead on energy transition mandates, advising Eni on its first-of-its-kind carbon capture and storage network project, the UK government on its investment in Sizewell C nuclear project, Ørsted on its equity divestment and financing of the Greater Changhua 4 offshore wind project in Taiwan.

In addition, the firm deepened its strong relationships with large-cap sponsors and multi-strategy asset managers, winning roles on many of the biggest deals, financings and fundraisings in the market. This included advising on the £2.85bn financing for recommended offer for IDS plc (Royal Mail) and on OVHcloud’s landmark €1.15bn financing package. In 2024, Linklaters assisted its clients with raising funds with a value in excess of US$140bn and investing over US$30bn in more than 250 funds.

With 12 Tier 1 global rankings in Chambers & Partners, Linklaters’ leading Litigation, Arbitration & Investigations Division has been at the forefront of the market advising on high-profile, contentious, particularly in the competition litigation space in FY25. This has included representing Visa in its interchange fee case and Sony Interactive Entertainment in class actions relating to the PlayStation Store. The firm’s International Arbitration practice, one of the largest in the world, was also recognised amongst the top 15 firms in the GAR 30 2025.
  • Top 10 global firm for public M&A
  • #1 for M&A in UK and APAC
  • #2 for M&A in Europe (Bloomberg)
  • #14 for M&A in the US – up from #30 last year (Bloomberg)
  • #1 for European IPOs (Bloomberg)
  • #1 for Private Equity (Chambers UK and Europe)
  • #1 APAC Private Equity Legal Advisor (Bloomberg)
  • 97 Tier 1 department rankings (Chambers Global), #1 in Europe
  • 12 Tier 1 Global LAI rankings (Chambers)
  • 10 wins at the IFLR Europe Awards
  • 9 wins at the IFLR APAC Awards
  • APAC Law Firm of the Year: Corporate & Finance (Chambers APAC & Greater China Awards)
  • 6 Energy Deals of the Year (PFI Awards 2024)
  • Named one of Financial Times’ most innovative law firms
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