Global law firm Reed Smith announced that in 2024, for the first time, its annual global revenue exceeded $1.5 billion. The firm's record-breaking performance underscores its success in executing key strategic priorities—making targeted investments in high-growth areas, enhancing core business efficiency, and delivering exceptional client service. This strategic focus enabled Reed Smith to deliver its strongest year on record, with revenue per lawyer up 11.5%, breaking the $1 million mark. The firm also posted its highest-ever profits per equity partner, $1.8 million, up 13.8% from the prior year.
“Our clients are turning to us for complex, high-value work, and we’ve expanded the range of services we provide to meet their evolving business needs,” said Casey Ryan, Reed Smith's global managing partner. “We are building on the success of 2024 and have continued the momentum, recently opening offices in Atlanta and Denver. The power of our global platform, best-in-class client service and industry focus continue to be among our greatest strengths.”
The firm’s unique combination of deep sector knowledge and robust functional capabilities drove strong results across a broad range of practice areas. Reed Smith’s Financial Industry Group led the firm’s industry groups in revenue, while its insurance recovery, litigation, managed care, entertainment and media, and bankruptcy/restructuring practices also had especially stellar years in 2024. The firm’s private equity and corporate practices also had an active 2024, driven by a significant uptick in M&A transactional work.
The additions of the new Atlanta and Denver teams are building off that transactional momentum, and the firm has added more than 20 private equity and finance partners already in 2025, strategically positioning itself to take on greater deal flow and new client engagements. Overall, the firm has added 72 lawyers globally, including 28 partners, in the first two months of 2025. It also promoted 24 lawyers to partner and 31 to counsel. Even though the firm had fewer timekeepers in 2024 than 2023, it generated an additional $75 million in revenue, highlighting increased client demand coupled with the firm’s ability to drive efficiencies.
One of the most impactful stories comes from Reed Smith’s London office, which made a strong comeback post-COVID. Like the firm overall, London notably increased its revenue, up 15% to $247 million. London also saw a dramatic increase in its revenue per lawyer, up 29.8% to $946,720. These strong numbers result from strategic investments the firm made in 2023 and 2024, including in private equity, corporate, finance and energy. These investments align with Reed Smith’s sector-focused approach across five key industries: entertainment and media; energy and natural resources; financial services; life sciences and healthcare; and transportation.
“We were well placed to capitalize on the uptick in deal activity in the second half of 2024,” said Gregor Pryor, the firm's Europe and Middle East managing partner. “Our London office’s recent move to Blossom Yard, coupled with our strategic focus on driving activity in our corporate and private equity practices through our industry strengths, brought renewed energy to the office. The new space encourages collaboration and helps teams work more closely together in person.”
Reed Smith also benefitted from investments it made in technology and innovation, including adoption and training in artificial intelligence. To date, more than 750 lawyers and staff have completed AI certification on the firm’s primary AI platform. These investments have helped accelerate and improve service delivery. The firm is continually exploring new ways to enhance efficiency—both in how it operates and how it delivers value to clients.
Reed Smith’s alumni relations, pro bono and ESG programs also continue to add value to clients, reinforcing the firm’s collaborative culture and connections with the communities in which its people live and work.
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