Reed Smith Hits Record $1.5B in Revenue Amid Strategic Growth.
London Office Rebounds with 15% Growth After Two-Year Decline.
Reed Smith has reported its strongest financial performance in nearly 150 years, surpassing $1.5 billion in global revenue for 2024. The Pittsburgh-based law firm also saw profit per equity partner (PEP) rise by 13.8% to $1.8 million, while revenue per lawyer (RPL) surged 11.5% to exceed $1 million.
Despite a decrease in timekeepers compared to 2023, the firm achieved record-breaking revenue growth, crediting increased client demand, strategic expansions, and AI-driven efficiency improvements.
Strategic Growth and Expansion
Reed Smith capitalized on market trends and high-growth legal sectors, expanding its reach and strengthening core business areas:
🔹 New Offices in Atlanta and Denver: Opened in early 2025, boosting the firm's U.S. presence to 20 locations.
🔹 Private Equity and Finance Expansion: Added 20+ partners in these sectors to handle rising deal activity.
🔹 Key Lateral Hires: Included Tom Whelan (private equity, McDermott Will & Emery) and Mark Drury (capital markets, Linklaters), strengthening its London team.
London Office Bounces Back with 15% Revenue Growth
After two years of decline, Reed Smith’s London office revenue rebounded by 15% to $247 million, with RPL jumping nearly 30% to $947,000. The firm attributes this to:
✔ Investments in Private Equity, Corporate, Finance, and Energy Practices
✔ Strategic Partner Hires to enhance deal flow and client service
✔ Relocation to Blossom Yard, fostering collaboration and innovation
"We were well placed to capitalize on the uptick in deal activity in the second half of 2024," said Gregor Pryor, Europe and Middle East managing partner.
High-Growth Practice Areas Drive Success
Several key practice groups delivered strong financial performance in 2024:
✅ Financial Industry Group – Led firmwide revenue growth
✅ Litigation, Insurance Recovery, Managed Care, Entertainment & Media, and Bankruptcy & Restructuring – All had "stellar" years
✅ M&A and Private Equity – Played a crucial role, including advising on Concord’s £1.1B takeover of Hipgnosis
Tech Investments & AI Adoption Boost Efficiency
Reed Smith has also embraced AI-driven innovation, with 750+ lawyers and staff completing AI certification on its primary AI platform. This has enhanced client service delivery and operational efficiency, positioning the firm for sustained growth.
Strong Momentum Heading into 2025
Reed Smith has had a fast start in 2025, already:
🔸 Opening two new offices (Atlanta & Denver)
🔸 Adding 72 lawyers globally, including 28 partners
🔸 Promoting 24 lawyers to partner and 31 to counsel
"Our clients are turning to us for complex, high-value work," said global managing partner Casey Ryan. "The power of our global platform and industry focus continue to be among our greatest strengths."
With its strong financial trajectory, strategic expansions, and tech-driven efficiencies, Reed Smith is set to continue its upward momentum throughout 2025 and beyond.
Reed Smith’s record $1.5 billion revenue milestone underscores the success of its growth strategy, industry expertise, and technology investments. With a revitalized London office, new U.S. locations, and expanding private equity and corporate practices, the firm is positioned for continued dominance in the global legal market.
