Revenue per equity partner has increased significantly over the past two decades, reflecting sustained growth in firm-level economics.
Across all firms, revenue per partner rose from $1.33 million in 2008 to $2.58 million in 2025, a 94% increase. Much of that growth has been driven by pricing gains, revenue expansion and disciplined management of partner headcount.
But the trend is not uniform across time or firm size.
The most pronounced gains occurred between 2021 and 2023, when strong demand and constrained capacity pushed partner-level economics higher. More recent data suggests that momentum may be moderating, particularly among larger firms.
At the same time, smaller firms have shown more stability, pointing to differences in how market conditions are affecting various segments of the profession.
Revenue per partner growth is not automatic. It reflects a balance between pricing, staffing and partner expansion, and that balance is beginning to shift.
The full IPA Insights report provides detailed benchmarks by firm size and trend analysis across the full dataset.
