DLA Piper closed 2025, its last full year under the old Swiss partnership structure and before the new company structure took effect, with profit per equity partner (PEP) of $4.14 million, a 19.6% increase over the previous year. The firm’s global revenue reached $4.6 billion, an 8.4% increase over 2024. With 4,800 lawyers on staff, DLA Piper opted against creating a single profit pool, prioritizing instead aligning partner incentives while maintaining the regional economics of each market.
The results cover the period from January 1 to December 31, 2025, before the firm’s new corporate structure took effect on May 1. Until then, DLA Piper’s UK subsidiary reported its financial results on a fiscal year running from May 1 to April 30; from January 2027 onwards, the firm will report its results on a calendar year basis.
New corporate structure
On April 27, the partners of DLA Piper US LLP and DLA Piper International LLP approved by a large majority the replacement of the DLA Piper Global Swiss partnership with a global limited liability company (LLP), which will supersede the existing US and international entities. Both entities will continue to operate under the new corporate structure, with strategic direction provided by global executive and policy committees.
Frank Ryan, global chairman and co-CEO of the firm, noted that “DLA Piper is uniquely positioned to help its clients navigate an environment marked by the increasing complexity of doing business internationally, with less commercial and regulatory certainty, and rapid technological disruption.” He added that “this synergy strengthens our ability to invest in the lawyers, teams, and technologies that will transform competition in key legal markets.”
For his part, Charles Severs, global co-CEO, stated that “today’s milestone marks another step in two decades of successful collaboration between our US and international divisions.” Severs also emphasized that “DLA Piper already advises clients on some of the most complex local and international matters in the market, but our ambition is to offer the full strength of our platform,” and that “this initiative reflects our shared confidence that DLA Piper can gain market share when the firm operates with a unified global approach and coordination.”
The new management team is completed by John Gilluly and Loren Brown as vice presidents, Sandra Wallace and Rick Chesley as global co-managing partners, and Benjamin Parameswaran as international client managing director.
New hires and promotions
Throughout the year, the firm added 72 new partners, including Chris Field, co-head of Dechert’s private equity practice, who joined in London. In April, DLA Piper also promoted 65 new partners, with the corporate and finance teams being the most represented. The firm also brought on David Cameron, former UK Prime Minister, as a consultant to advise on geopolitical risk.
Earnings season in the legal sector
DLA Piper thus joins other firms that have recently presented their annual results. Bird & Bird closed its 2025/26 fiscal year with a turnover of €702 million (+4%), although its profit per partner fell by 1.5% to €819,000. Fieldfisher reported a turnover of £398 million (+4%), with PEP of £975,000, 3% lower than the previous year. In contrast, A&O Shearman – two years after its merger – maintained virtually stable revenue at $3.7 billion, but increased its profit per partner by 12% to $2.9 million, supported by a reorientation towards more complex mandates and higher margins.
