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Morgan Lewis & Bockius

morganlewis.com ↗

Top-10 global law firm advising nearly all of the Fortune 100 on corporate, regulatory, and litigation work.

Hard to displace
Assessed 23 July 2026 · Evidence as of 23 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 23 July 2026 · Checkable from Spring 2027 · Every call on the record Checkpoint: AmLaw 100/200 spring ranking reveals whether 2026 revenue and profit-per-partner kept pace with peers
The call

Morgan Lewis sits deep inside Fortune 100 relationships that neither AI tools nor Big Four legal arms have pried loose, with a leadership transition underway by late 2026.

Morgan Lewis is a 153-year-old law firm that handles complex legal work for most of America's largest companies. It is hard to replace because lawyers need a license, they can be sued for mistakes, and big clients stick with firms they have worked with for decades, which creates deep lock-in. The main threat is either a new AI-powered legal platform that gets liability insurance and wins clients away, or accounting firms like Deloitte or PwC that have started offering legal services and could compete for the same corporate work, though neither is currently winning major deals from Morgan Lewis. What matters most to watch over the next two years is whether AI tools let lawyers do more work faster, which could keep profits high, or whether client fees start dropping because the work becomes cheaper to do.

Why
01
AI pressure: None apparent. AI speeds up document review and research for associates, but licensed partners still sign off, so it boosts margins rather than cutting them out. Could AI do the core job? Unlikely.
02
Bigger players: Big Four legal arms (Deloitte Legal, PwC Legal, EY Law). Big Four legal arms are expanding globally but have not landed major Fortune 100 mandates away from Morgan Lewis on complex corporate or regulatory work. Could a giant copy it? No, they are blocked.
03
What protects it. Bar licensure, malpractice liability, and decades-deep client relationships across nearly 90% of the Fortune 100 that no AI vendor or accounting firm can assume.
What would change this call
Spring 2027 AmLaw 100 ranking shows Morgan Lewis revenue growth versus peer average. Would show whether the firm is keeping pace with or falling behind Big Law market growth.
Profit-per-partner figures reported for 2026-2027 cycles. Would show whether AI is boosting partner margins or fee compression is eroding them.
Partner attrition or lateral departures following McKeon and Wall's 2026 retirements. Would show whether leadership transition is triggering the classic Big Law defection pattern.
Key numbers
  • FY2024 revenue $3.10B, up 6.9% YoY (2024)
  • Ranked #10 on 2025 Am Law 200 (2025)
  • Attorney headcount down 2.6% YoY to 1,960 (2025)
Named risks
  • Simultaneous departure of Chair Jami McKeon and Managing Partner Steven Wall around year-end 2026. Severity: medium
  • Attorney headcount fell 2.6% year over year in 2025 despite active lateral hiring. Severity: medium
  • Peer firms like Ropes & Gray and Simpson Thacher grew revenue faster in FY2025. Severity: medium
  • AI-driven fee compression could eventually shrink profit-per-partner if commodity work margins erode. Severity: low
  • Disqualification motions and patent litigation exposure in cases like the Solos Technology smart-glasses suit. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Kirkland & Ellisgaining onFY2025 revenue ~$10.5B vs Morgan Lewis ~$3.1B FY2024, dominant in PE/M&A
Ropes & Graygaining onFY2025 revenue grew 9.39% to ~$3.737B, outpacing Morgan Lewis's 6.9% growth
Simpson Thachergaining onFY2025 revenue grew 22.66% to ~$3.553B, far exceeding Morgan Lewis's growth rate
Latham & WatkinscontestingCited as a larger-revenue Big Law peer in 2025 Am Law rankings
Deloitte Legal / PwC Legal / EY LawcontestingAdjacent Big Four legal arms competing for corporate advisory work, unverified direct impact as of 2026
Questions people ask
Is Morgan Lewis profitable in 2026?
As a private LLP, Morgan Lewis does not disclose profit figures, but its gross revenue hit approximately $3.10 billion in FY2024, up 6.9% year over year, ranking 10th on the 2025 Am Law 200, indicating healthy financial momentum.
Could AI replace lawyers at Morgan Lewis?
No. Morgan Lewis's own Chief AI Officer said in March 2026 that generative AI will handle repeatable tasks like drafting and document comparison, but bar-licensed judgment, courtroom advocacy, and malpractice liability remain non-delegable to AI.
Who is Morgan Lewis's biggest competitor?
Kirkland & Ellis is the largest rival by scale, reporting roughly $10.5 billion in FY2025 revenue versus Morgan Lewis's $3.10 billion in FY2024, dominating private equity and M&A work as the top-ranked Am Law firm.
Who owns Morgan Lewis & Bockius?
Morgan Lewis is a private limited liability partnership owned and governed by its equity partners, with no external corporate ownership or public shares; it is led by an elected Chair, currently transitioning to David A. McManus on October 1, 2026.
Is Morgan Lewis growing or shrinking?
Mixed signals: FY2024 revenue grew 6.9% to $3.10 billion, and the firm added a 54-lawyer Paris team and 11 IP partners in 2025, yet ILRG data shows attorney headcount fell 2.6% year over year in 2025 to 1,960 attorneys.
Has Morgan Lewis faced any major legal disputes recently?
In February 2026, a federal judge denied a motion to disqualify Morgan Lewis from representing EssilorLuxottica and Meta co-defendants in a Solos Technology smart-glasses patent suit; the underlying patent case continues.
Timeline
  • 2026-07-17Hired West Coast patent partners from Knobbe Martens as part of 2025-2026 IP buildout
  • 2026-06-10Hired former Goodwin city co-head and a Jenner & Block partner in London
  • 2026-06-09Legal 500 US 2026 recognized 66 practices and 289 lawyers
  • 2026-06-03Chambers USA 2026 ranked 155 practices and 333 lawyers
  • 2026-05-25Published updated New Rules of AI global legal overview report
  • 2026-03-26Chief AI Officer said generative AI will handle repeatable legal tasks
  • 2026-03-23Partnership elected David A. McManus as next Chair, effective October 1, 2026
  • 2026-02-25Federal judge denied disqualification motion in Solos Technology patent suit
  • 2025-11-13Won two American Lawyer Industry Awards for AI innovation and education
  • 2025-11Opened new office in Riyadh
  • 2025-01Absorbed 54-lawyer Paris team from Kramer Levin
  • 1873-03-10Founded in Philadelphia by Charles Morgan Jr. and Francis Lewis
Revision history
23 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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