Morrison & Foerster
Big Law firm known for tech, IP, and life sciences deals.
On the record
Checkpoint: FY2026 financial results and Legora adoption impact reported
The call
MoFo is growing and landing marquee AI and life sciences deals, but the guaranteed climb from junior associate to partner is under industry-wide pressure.
Morrison & Foerster is a large law firm that handles complex legal work like mergers, intellectual property, and regulatory issues, especially for tech and life sciences companies. No AI tool or rival firm can take away its core advantage: only licensed lawyers can give legal advice in court, sign their names to it, carry insurance for mistakes, and take responsibility. The one thing that could change the picture is whether young lawyers can still climb the career ladder the way they used to. Right now, law firms including MoFo are hiring fewer junior lawyers and promoting fewer of them to partner, so the traditional path from entry-level to the top is getting harder and longer.
Why
01
AI pressure: Harvey, CoCounsel, Lexis+ AI. AI tools cut into junior document review and first-draft work, but MoFo uses Legora as leverage, not a threat to its client-facing role. Could AI do the core job? Unlikely.
02
Bigger players: Kirkland & Ellis, Paul Weiss, Latham & Watkins. Bigger rivals lead the largest M&A deals by value, but MoFo keeps a strong hold on tech, AI, and IP-heavy mandates. Could a giant copy it? No, they are blocked.
03
What protects it. Bar admission, malpractice insurance, privilege, and court standing that no AI tool or software company can hold.
What would change this call
MoFo's FY2026 revenue growth and PEP figures released around Q1 2027. Shows whether AI fee pressure or rival poaching is eroding margins.
Whether the Seattle Perkins Coie lateral team and other 2025-26 hires stay through 2027. Indicates if rival firms are successfully luring away MoFo's talent.
ILRG's next ranking update on MoFo's attorney headcount trend. Clarifies whether the 2024-2025 4.9% headcount drop is real contraction.
Whether the Seattle Perkins Coie lateral team and other 2025-26 hires stay through 2027. Indicates if rival firms are successfully luring away MoFo's talent.
ILRG's next ranking update on MoFo's attorney headcount trend. Clarifies whether the 2024-2025 4.9% headcount drop is real contraction.
Key numbers
- 2025 revenue $1.5B, up 9.2% year over year
- Profit per equity partner ~$3M, up 11%
- 51% of 2025 Am Law 200 associate hires were laterals
Named risks
- AI-driven compression of junior associate billable work threatens the traditional entry-level career pyramid.
- Nearly a third of corporate legal departments reconsidering outside counsel absent demonstrable AI value.
- MoFo absent from top 25 in LSEG H1 2026 large-cap M&A league table while rivals like Kirkland pull away.
- Source discrepancy between ILRG headcount decline (-4.9% attorneys) and Revelio Labs flat/growing workforce signals data uncertainty.
- Equity partner tier reportedly tightening even as overall headcount grows, pressuring partnership track economics.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Kirkland & Ellis | losing to | Ranked #1 in LSEG H1 2026 global M&A by deal value at $474.5B; MoFo not in top 25 as of 2026-07-07 |
| Paul Weiss | losing to | Ranked #5 in LSEG H1 2026 M&A rankings at $328.5B deal value versus MoFo absent from top 25 |
| Perkins Coie | gaining on | MoFo hired a 15-partner litigation team from Perkins Coie to launch Seattle office, 2026-07-16 |
| Morgan Lewis | gaining on | MoFo poached tech-transactions partners from Morgan Lewis for London bench, 2026-07-08 |
| Baker McKenzie | gaining on | MoFo added lawyers from Baker McKenzie to London tech-transactions team, 2026-07-08 |
| Dentons | gaining on | MoFo hired data-center energy regulatory team from Dentons, 2026-05-14 |
Questions people ask
- Is Morrison & Foerster profitable in 2026?
- Yes. MoFo's 2025 gross revenue surpassed $1.5 billion, up 9.2% year-over-year, with net income up 6.6% to $567 million, and profit-per-equity-partner rose 11% to roughly $3 million, per Law.com reporting dated March 18, 2026.
- Could AI replace Morrison & Foerster lawyers?
- Not the core function. AI tools like Legora, Harvey, and Lexis+ AI can automate document review and first drafts, but cannot replicate bar admission, malpractice insurance, privilege, or court standing, which MoFo relies on. The firm deployed Legora firmwide on June 16, 2026, as leverage, not replacement.
- Who is Morrison & Foerster's biggest competitor?
- In large-cap M&A, Kirkland & Ellis led LSEG's H1 2026 global rankings with $474.5 billion in deal value, and Paul Weiss ranked #5 with $328.5 billion; MoFo did not place in the top 25 by that metric as of July 7, 2026, though it leads in tech, IP, and life sciences niches.
- Who owns Morrison & Foerster?
- MoFo is a private law firm limited liability partnership owned by its equity partners, with no external investors or IPO. It is chaired by Eric T. McCrath as of the 2026 Chambers profile; there is no known ownership change or acquisition activity involving the firm itself.
- Is Morrison & Foerster growing or shrinking?
- Revenue is growing: 2025 gross revenue topped $1.5 billion, up 9.2% year-over-year as of March 18, 2026. However, ILRG's 2025 ranking placed MoFo at #46 with attorney headcount down 4.9% year-over-year, a discrepancy against Revelio Labs data showing roughly flat global staff near 2,282 in December 2025.
- What major deals has Morrison & Foerster worked on recently?
- MoFo advised SoftBank on its roughly $40 billion investment round into OpenAI (reported March 26, 2026), SoftBank's $5.375 billion ABB robotics acquisition (October 7, 2025), and Crinetics Pharmaceuticals' $10 billion acquisition by Vertex Pharmaceuticals (July 5, 2026).
Timeline
- 2026-07-23Advised Delivery Hero's board on Uber's 13 billion euro acquisition of Delivery Hero
- 2026-07-16Opened Seattle office via 15-partner litigation team hired from Perkins Coie
- 2026-07-08Added 10 lawyers to London partnership including tech-transactions trio
- 2026-07-07Absent from LSEG top 25 global M&A legal advisor rankings for H1 2026
- 2026-07-05Advised Crinetics Pharmaceuticals on 10 billion dollar acquisition by Vertex
- 2026-06-16Announced firmwide deployment of Legora AI platform for attorneys
- 2026-05-14Added data center focused energy regulatory team from Dentons
- 2026-03-26Reported as key advisor on SoftBank's roughly 40 billion dollar OpenAI investment
- 2026-03-18Reported 2025 revenue of 1.5 billion dollars, up 9.2 percent year over year
- 2026-01-05Elected 17 new partners effective January 1, 2026
Revision history
23 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Momentum in Corporate, Litigation Boosted Morrison & Foerster's Revenue 9.2% (2026-03-18)
- Morrison Foerster (2026-04-01)
- Morrison Foerster · LSD.Law
- How Morrison & Foerster Positioned Itself as a Leader in AI With $40 Billion Softbank, OpenAI Deal (2026-03-26)
- Morrison Foerster Advises SoftBank on its $5.375 Billion Acquisition of ABB's Robotics Business (2025-10-07)
- MoFo Advises SoftBank on its US$6.5 Billion Acquisition of Ampere Computing (2025-03-20)
- MoFo Advises Crinetics Pharmaceuticals on $10 Billion Acquisition by Vertex Pharmaceuticals (2026-07-05)
- Uber deal set to create biggest food delivery group ex-China (2026-07-23)
- Kirkland, Paul Weiss, MoFo guide latest blockbuster pharma merger (2026-07-07)
- Morrison Foerster, Global 2026
- Morrison & Foerster, Law Firm Profile
- Morrison & Foerster Number of Employees 2026 (2026-06-29)