How a Los Angeles tax practice became a global legal powerhouse and industry verb
In short: Founded in 1934, Latham & Watkins grew from a small California tax firm into a multinational giant. It has navigated massive expansion, record-breaking revenues, and even a recession-era slang term for layoffs. Today, it remains a dominant force in global law, despite recent political pressures and complex legal settlements.
Established in Los Angeles by Dana Latham and Paul Watkins, the firm initially focused on tax and labor law. Growth was modest for decades, with only 19 attorneys on staff by 1960. The firm began a significant transformation in 1978 when it expanded into Washington, D.C., under the guidance of Carla Anderson Hills. This move shifted the firm toward administrative law, setting the stage for a rapid national and international expansion that included offices in cities like London, Hong Kong, and Tokyo.
The firm’s financial trajectory has been marked by historic milestones. In 2007, it became the first American law firm to surpass $2 billion in annual revenue, and by 2018, it reached $3 billion. While it briefly held the title of the world’s highest-grossing firm, it currently ranks second behind Kirkland & Ellis. This success has not been without turbulence; during the 2009 global recession, the firm conducted significant layoffs, leading to the emergence of the term Lathamed as industry slang for losing one's job.
In recent years, the firm has faced new challenges. In April 2025, it entered a settlement with the Trump administration, pledging $125 million in pro bono work, a decision that prompted several major corporate clients to move their business elsewhere. By July 2026, the Department of Justice had subpoenaed the firm regarding this agreement. Despite these pressures, the firm maintains a massive footprint, employing over 3,500 lawyers across 14 countries as of 2026, and continues to be recognized for its practice excellence.
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- Summary by Intellect · source: Latham & Watkins
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