Linklaters reports £2.5 billion in revenue and £1.2 billion pre-tax profit for fiscal 2026, with Asia and the US as standout performers
Linklaters reported revenue of £2.5 billion for the fiscal year ended 30 April 2026, a rise of 6.8% on the prior year, according to Bloomberg Law News. Pre-tax profit reached £1.2 billion, up 11.6% year-on-year, and profit per equity partner (PEP) rose 11.4% to £2.5 million. Firmwide managing partner Paul Lewis described Asia as the standout story of the year, noting that the firm's Asian performance had recovered strongly after a period of subdued activity in the region. The US, where Linklaters has been building its transactional presence, was also cited as a strong contributor. The results place Linklaters among the strongest performers in the Magic Circle for fiscal 2026, with profit growth outpacing revenue growth, suggesting a tighter cost base or improved leverage on high-value work. The firm's international spread, with particular exposure to Asia and US deal flow, is increasingly a differentiator as London-centric practices face a more uncertain domestic market under the new Burnham government.
Why this matters
Linklaters' profit growth outpacing revenue growth is a sign of operational leverage: the firm is earning more from the work it does without a proportionate increase in cost. The Asia recovery is particularly significant given the headwinds that Magic Circle and other international firms faced in Hong Kong and mainland China over the past few years. Strong US performance reflects the firm's continued investment in its New York and Washington practices to capture cross-border mandates. For law students targeting Linklaters or comparable Magic Circle firms, the results reinforce that international spread and platform quality, not just London deal flow, is driving profitability at the top of the market.
On the Ground
On a cross-border deal involving Linklaters' Asian and UK offices, a trainee would coordinate cross-border legal opinion requests to local counsel in each relevant jurisdiction, draft choice-of-law summaries for the transaction documents, and assist with the completion bible compiling all executed transaction documents.
Interview prep
Question you might get
“Linklaters has posted strong profit growth driven partly by Asia and the US. What does that tell you about the current strategy of Magic Circle firms, and how does it affect your decision to apply there?”
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