Linklaters has reported record financial results for the fiscal year ended April 30, 2026, marking the third consecutive year of double-digit profit growth for the Magic Circle firm.
The London-headquartered law firm posted revenue of £2.47bn for 2025-26, representing a 6.8% increase and bringing the firm within touching distance of the £2.5bn mark.
Profit before tax rose 11.6% to reach £1.2bn, continuing a remarkable run that has seen the firm consistently rewrite its own financial records in recent years.
Profit per equity partner climbed 11.4% to £2.48m, while profit per all partners grew nearly 11% to reach £2.31m for the same period.
The results arrive at a notable moment for the firm, which earlier this year was reported to have approached Cleary Gottlieb about a potential transatlantic merger before being rebuffed.
A Linklaters spokesperson denied that the firm had made any approach to Cleary Gottlieb, with both sides moving quickly to distance themselves from the reported tie-up.
A Cleary Gottlieb spokesperson said the firm was focused on a “strategically aggressive growth strategy,” while a separate denial described the merger rumour as “categorically false.”
The strong standalone performance lends credibility to the narrative that Linklaters does not require a merger to remain competitive at the highest level of global legal practice.
The results stand in notable contrast to those of fellow Magic Circle firm A&O Shearman, which posted flat revenue and a profit per equity partner of £2.2m in its first full financial year following its transatlantic merger.
Linklaters is the latest Magic Circle firm to face merger speculation, following Allen and Overy’s combination with Shearman and Sterling in 2024 and Herbert Smith Freehills’ merger with Kramer Levin the following year.
The broader trend of transatlantic law firm consolidation has reshaped the competitive landscape, placing pressure on firms to either grow through combinations or demonstrate strong standalone financial performance.
Linklaters’ results suggest the firm is firmly in the latter camp, having smashed the billion-pound profit ceiling and now pushing aggressively toward the £2.5bn revenue threshold without a major merger.