size of a firm varies. NewLaw NewLaw was devised as a term in 2013 by consultant Eric Chin. NewLaw has been defined as “any model, process, or tool that represents a significantly different approach to the creation or provision of legal services than what the legal profession traditionally has employed”. For example, NewLaw ALSP models may include secondment firms, law and business advice companies, virtual online legal models, and innovative law firms and companies. BigLaw firms The largest firms like to call themselves "BigLaw" firms because they have sections specializing on each category of legal work, which in the U.S. usually means mergers and acquisitions transactions, banking, and certain types of high-stakes corporate litigation. These firms rarely do plaintiffs' personal injury work. However the largest law firms are not very large compared to other major businesses (or even other professional services firms). In 2008, the largest law firm in the world was the British firm Clifford Chance, which had revenue of over US$2 billion. In 2020, Kirkland & Ellis came out on top with US$4.15 billion in revenue while Hogan Lovells rounded out the list at number ten with US$2.25 billion, with Clifford Chance remains the only British firm among the top 10 Biglaw. This can be compared with $404 billion for the world's largest firm by turnover ExxonMobil and $28 billion for the largest professional services firm Deloitte. Worldwide The largest law firms (known as "BigLaw") in the world are headquartered primarily in the United Kingdom and the United States. However, large firms of more than 1,000 lawyers are also found in Australia (MinterEllison, 1,500 attorneys), China (Dacheng, 2,100 attorneys) and Spain (Garrigues, 2,100 attorneys). The American system of licensing attorneys on a state-by-state basis, the tradition of having a headquarters in a single U.S. state and a close focus on profits per partner (as opposed to sheer scale) has to date limited the size of most American law firms. Thus, whilst the most profitable law firms in the world remain in New York, four of the six largest firms in the world are based in London in the United Kingdom. But the huge size of the United States results in a larger number of large firms overall – a 2003 paper noted that the United States alone had 901 law firms with more than 50 lawyers, while there were only 58 such firms in Canada, 44 in Great