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Global law firm HSF Kramer has “surpassed” its FY2025–26 financial targets in its first set of results since the merger of Herbert Smith Freehills and Kramer Levin, reporting US$2.4 billion in revenue.
Herbert Smith Freehills Kramer (HSF Kramer) has recorded US$2.4 billion in revenue (equivalent to $3.44 billion) in its first financial year following the June 2025 merger between Herbert Smith Freehills and Kramer Levin.
The global firm’s FY25–26 results cover the period from 1 May 2025 to 30 April 2026, capturing 12 months of legacy Herbert Smith Freehills’ performance and 11 months of Kramer Levin’s contribution following the merger.
Alongside its headline revenue figure, HSF Kramer recorded profits of US$850.8 million (approximately $1.22 billion) and profit per equity partner (PEP) of US$2.05 million (approximately $2.94 million).
When the merger was first announced in November, Herbert Smith Freehills stated that the newly formed entity would become “the largest global law firm in Australia”, bringing together more than 2,700 lawyers across its global network.
HSF Kramer global CEO Justin D’Agostino said the firm’s first year as a combined entity had exceeded expectations, with its financial performance surpassing the targets established at the time of the merger.
“We were always confident that the transformational combination of Herbert Smith Freehills and Kramer Levin was a strong fit, but the success of the integration has exceeded those expectations,” D’Agostino said.
“We surpassed our FY26 financial goals, achieving synergy revenues that were more than double the target set at the time of the combination.”
Reflecting on the firm’s first year operating as HSF Kramer, D’Agostino said the combination had created a stronger global platform, with its expanded international reach positioning the firm to support clients on complex cross-border investments and disputes.
“I am immensely proud of everything we’ve achieved in our first year as Herbert Smith Freehills Kramer. We are now a US$2.4 billion / £1.8 billion global law firm. The pace and focus of our growth distinguishes us in the market,” D’Agostino said.
“Our distinctive transatlantic and transpacific capabilities have propelled us into a new league. Clients turn to us for their most strategic, landmark investments and on their most complex and challenging disputes across the world’s key markets.”
The global firm recorded growth across all regions during the reporting period, with Asia and EMEA delivering double-digit increases.
During its first year as HSF Kramer, the firm also expanded its partnership ranks, welcoming 51 new partners globally, including 15 in the US, as well as 21 lateral partner hires across its network.
Looking ahead, D’Agostino said the firm’s next phase of growth would centre on responding to evolving client needs, with AI, sector expertise and global scale shaping HSF Kramer’s strategy moving forward.
“As the world becomes more complex, we will leverage our platform and scale to help our clients navigate both opportunities and challenges,” D’Agostino said.
“This includes AI, which is reshaping the legal sector and transforming the way our clients operate. Clients value how we combine AI with our sector knowledge, commercial insights, legal judgement and experience.
“We have an ambitious growth strategy, and will continue to focus on areas of strong client demand.”
The firm said its future priorities would include strengthening its capabilities in areas experiencing increased client demand, including energy, private capital, class action defence, restructuring and special situations.
