Latham & Watkins

# Latham & Watkins: A Global Legal Powerhouse

High-Level Overview

Latham & Watkins LLP is one of the world's largest and most influential multinational law firms, headquartered across multiple global jurisdictions with no single central office.[1] The firm advises the businesses and institutions that power the global economy, bringing together elite legal talent across every major jurisdiction to shape transformative deals and resolve high-stakes disputes.[4] With a particular emphasis on mergers and acquisitions, corporate law, litigation, and regulatory matters, Latham & Watkins has established itself as the "King of M&A" and maintains a diversified practice spanning transactional work, disputes, restructuring, and emerging technology sectors.[3] The firm's mission centers on delivering cutting-edge legal solutions at the intersection of commercial, financial, and legal innovation, enabling clients to navigate complex global markets with flawless execution.

As of 2018, Latham & Watkins became the first law firm to report more than $3 billion in gross annual revenue, briefly holding the position of highest-grossing law firm globally before being surpassed by Kirkland & Ellis.[1] Today, the firm operates 29 offices worldwide, with its largest concentration in New York City, housing more than 450 lawyers as of 2021.[1]

Origin Story

Latham & Watkins was founded in January 1934 in Los Angeles, California, by Dana Latham and Paul Watkins during the depths of the Great Depression.[1][2] Latham, a Harvard graduate, brought expertise in state and federal tax law and would later serve as Commissioner of the U.S. Internal Revenue Service under President Dwight Eisenhower.[1] Watkins contributed deep experience in labor law, having previously served as general counsel for Pacific Finance Corporation.[3] The partnership's early survival during economic hardship was bolstered by connections—President Hoover helped them secure their first major client, United Geophysical, which was exploring for oil overseas in Central and South America, giving the young firm its initial exposure to international law.[3]

The firm's trajectory shifted dramatically following the National Labor Relations Act of 1935, which guaranteed collective bargaining rights. This legislation opened substantial opportunities for Latham & Watkins to represent employers in union disputes, establishing labor law as a core practice area.[2][3] During World War II, the firm continued to prosper as new laws and regulations proliferated with the war effort. By 1954, the firm had grown to 14 attorneys and began developing a formal litigation practice.[2] The real acceleration came in the 1960s and 1970s. In 1967, despite having only 30 attorneys, the firm was positioned for rapid expansion that would eventually surpass much older, established competitors.[2] A pivotal moment arrived in early 1982 when Latham & Watkins completed its first merger, combining with Chicago-based Hedlund, Hunter & Lynch, which brought 20 litigation specialists into the fold.[2] By 1983, the firm had grown to 237 attorneys and had added bankruptcy, commercial, and international law to its service offerings.[2]

The firm's geographic expansion accelerated through the 1980s and beyond. In 1978, it opened its Washington, D.C. office by adding Carla Anderson Hills, former U.S. Secretary of Housing and Urban Development, as a named partner, positioning the firm to lead in administrative law.[1] By 1985, a New York City office was established, which would eventually become the firm's largest hub.[3] In 2008, Latham & Watkins opened offices in the Middle East for the first time, extending its global reach.[7]

Core Differentiators

Unparalleled Scale and Reach

Latham & Watkins operates as the only fully integrated multinational law firm with no single headquarters, allowing it to function seamlessly across jurisdictions without hierarchical constraints.[1] This decentralized structure enables rapid decision-making and localized expertise while maintaining global coordination—a structural advantage that competitors struggle to replicate.

Dominant M&A and Transactional Expertise

The firm has earned recognition as the "King of M&A," with elite rankings across deal-making disciplines.[3] It was ranked #1 by deal count in infrastructure and project finance and maintains top-tier practices in venture capital, emerging companies, private equity, and capital markets.[5] This transactional dominance translates directly into deal flow and client relationships that feed the firm's growth engine.

Comprehensive Practice Depth

Unlike boutique firms, Latham & Watkins maintains 90 Band 1 practice rankings and 96 Band 1 lawyer rankings across Chambers USA and Chambers Global, spanning antitrust, privacy and data security, restructuring/insolvency, life sciences, fintech, and shareholder activism.[5] This breadth allows the firm to serve as a one-stop shop for multinational corporations navigating complex, multi-jurisdictional challenges.

Financial Performance and Revenue Leadership

The firm achieved historic milestones by becoming the first American law firm to exceed $2 billion in annual revenue (2007) and the first to surpass $3 billion (2018).[1] This financial muscle enables aggressive talent recruitment, technology investment, and geographic expansion that smaller competitors cannot match.

Litigation Excellence

Latham & Watkins maintains an "Elite" ranking in general commercial litigation from Chambers USA 2025, positioning it among the world's most formidable dispute resolution practices.[5] This capability attracts high-stakes clients and generates significant revenue from contentious matters.

Role in the Broader Legal Landscape

Latham & Watkins sits at the epicenter of global capital markets and corporate transformation. As deal volumes have surged across private equity, venture capital, and strategic M&A—particularly in technology, life sciences, and infrastructure—the firm's transactional prowess has become indispensable to institutional investors and Fortune 500 companies. The firm's early recognition of emerging practice areas—fintech, privacy and data security, and venture capital—demonstrates strategic foresight in anticipating where legal complexity would concentrate.

The firm's influence extends beyond individual transactions. By maintaining elite practices across regulatory law, antitrust, and restructuring, Latham & Watkins shapes how multinational corporations navigate regulatory environments, compete in concentrated markets, and manage financial distress. The firm's 2008 expansion into the Middle East and its ongoing global footprint expansion reflect the reality that legal work increasingly follows capital flows across borders.

Additionally, Latham & Watkins' thought leadership and participation in industry conversations—such as its November 2023 letter to law school deans addressing campus antisemitism and Islamophobia—positions the firm as a voice on broader societal issues affecting the legal profession and its clients.[1]

Quick Take & Future Outlook

Latham & Watkins has evolved from a Depression-era tax and labor boutique into a global legal institution that rivals investment banks in scope and influence. The firm's decentralized structure, financial resources, and relentless focus on high-value transactional work position it to thrive in an era of complex, cross-border capital deployment.

Looking ahead, several trends will shape the firm's trajectory. First, the continued concentration of wealth in private markets—private equity, venture capital, and direct lending—will sustain demand for sophisticated M&A and restructuring advice. Second, regulatory fragmentation across jurisdictions (particularly in technology, data privacy, and antitrust) will increase the premium on firms with truly integrated global practices. Third, the rise of alternative legal service providers and in-house legal departments may pressure traditional law firm economics, but Latham & Watkins' scale and specialization in high-stakes matters should insulate it from commoditization.

The firm's future influence will likely depend on its ability to maintain talent retention amid competitive pressure from boutique firms and in-house opportunities, continue innovating in legal technology and service delivery, and deepen its presence in growth markets beyond traditional financial centers. If Latham & Watkins can sustain its position as the preferred counsel for transformative deals while expanding into adjacent advisory services, it will remain a defining institution in global capital markets for decades to come.