The Global 100 is collectively worth $97 billion, as calculated by our formula, which takes each firm’s net profit, makes deductions by assigning equity partners with a notional salary, then applies a multiple based on the firm’s size, average growth rates in revenue and profits, and brand strength. Kirkland & Ellis narrowly edges out Latham & Watkins to head the list with a valuation just shy of $4 billion. In total, 33 firms have valuations exceeding $1 billion. In value per equity partner, Quinn Emanuel Urquhart & Sullivan is the clear leader. Its $1.96 billion valuation puts the effective stakes held by its 111 equity partners at an average worth of more than $17 million — almost $5 million more than any other Global 100 firm. [See the glossary for valuation definitions.]