Reed Smith has posted the best financial results in its nearly 150-year history for 2025, with global revenue approaching $1.6bn and profit per equity partner (PEP) rising 11.3% to $2m.
The Pittsburgh-based firm’s turnover grew 5.6% to $1.58bn. Revenue per lawyer (RPL) also grew from just over $1m in 2024 to a new high of $1.1m while net income exceeded $502m, which it said had been supported by solid performance across private equity, finance, litigation, tax, insurance recovery, and labour and employment.
“The firm is hitting on all cylinders,” said Casey Ryan, Reed Smith’s global managing partner. “Our teams delivered exceptional results, particularly in private equity and finance, which had some of the busiest years in our history. We’re continuing to invest in those high-performing practices to meet growing client demand.”
The results come alongside a global expansion drive that saw the firm launch new offices in Atlanta, Denver and Riyadh in 2025 and Boston earlier this month, taking its global network to 34 offices.
“We delivered record performance while expanding our footprint and investing in the future,” Ryan said. “That reflects the strength and scalability of our global platform.”
The firm’s London office – its largest with more than 350 lawyers – grew turnover 3% to $258.8m. That followed 15% growth in 2024 after dips in the previous two years.
Over the course of the year Reed Smith added more than 180 lawyers, including 55 partners. Among them were 13 partners that joined from Denver firm Morris Manning & Martin for its launch in the city, 10 that joined from firms including Dentons and Greenberg Traurig for its launch in Denver, and disputes partner Emad Alshaikhi who joined from Saudi independent Mahassni & Co to open its office in Riyadh.
The firm promoted 29 to partner in a US-focused round that also saw four get the nod in London across corporate, structured finance, energy and litigation – practice areas on which the firm has focused its City hiring efforts in recent years. Key London hires in 2025 included white collar crime specialist Richard Kovalevsky KC from US disputes boutique Cohen & Gresser and Damian Carolan, former head of the financial services regulatory practice at legacy Allen & Overy.
Reed Smith also pointed to its tech investment, noting that all of its associates and around 80% of its partners were now trained in AI tools.
“We set out to be a leader in innovation within the legal industry, and that commitment is paying off,” Ryan said. “Everything we’re doing is focused on delivering better outcomes for our clients.”
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