This year Latham & Watkins tops our chart for the first time, switching places with DLA Piper, which fell to third. Baker & McKenzie remains in second place. The only other change in the top 16 firms involved Jones Day and Norton Rose Fulbright, which switched sixth and seventh places.

Twenty-seven firms posted gross revenue of $1 billion or more in 2014, up from 23 in 2013. Eighty firms reported gains in gross revenue. Two Silicon Valley firms, Fenwick & West and Cooley, posted the biggest gains at 19.1 and 19.0 percent, respectively. Bingham McCutchen, which ceased operations in late 2014, had the steepest decline, 12.7 percent.