Latham & Watkins has become the first law firm to report annual revenues of more than $3 billion, according to the American Lawyer. The law firm has set a new benchmark for the industry, the magazine says. The law firm has seen revenue rise by 8.5 per cent to $3.064bn. Profits per partner rose to $3.25 million and the firm reported a seven per cent growth in headcount with 2436 lawyers. Latham & Watkins recently came third in research highlighting best interational brands. It followed Jones Day and Skadden in the Acritas rankings.