Since U.S. President Donald Trump took office in Jan. last year, he has pushed policy changes across a range of areas, and the revenue of major lobbying firms in Washington has surged. Some firms earned revenue in the fourth quarter alone that rivaled their entire revenue for the previous year.
According to the U.S. political outlet Politico on the 25th (local time), 13 of the top 20 lobbying firms by revenue saw their 2024 revenue rise more than 10% from the prior year. The total revenue of these corporations was about $824 million (about 1.1894 trillion won), up nearly 40% from $595 million (about 858.9 billion won), the revenue in the final year of the Joe Biden administration.
Although it is common for lobbying firms' revenue to increase in the first year of a new administration, Politico said Trump's aggressive use of executive authority is accelerating the trend. Paul Thimmesch, a partner at Holland & Knight, which brought in $54.6 million (about 78.8 billion won) in lobbying revenue last year, said, "The real driver is that it's been a very long time since we've seen this much activity in the first year of a new administration."
In particular, Ballard Partners, known as the lobbying firm for Korea Zinc, as well as Akin Gump Strauss Hauer & Feld, Brownstein Hyatt Farber Schreck, BGR Group, and Holland & Knight, which lobby for LG Electronics, were reported to have posted record annual revenue last year.
Growth was even more pronounced among lobbying firms closely tied to the Trump administration. Ballard Partners, which produced Attorney General Pam Bondi and White House chief of staff Susie Wiles, secured more than 200 new clients after Trump's election. The firm generated more than $88.3 million (about 127.4 billion won) in lobbying revenue last year, making it the firm that attracted the most lobbying money on Washington, D.C.'s K Street, known as the "Wall Street of lobbying." The firm's fourth-quarter revenue last year exceeded its full-year revenue in 2024.
BGR Group, whose board includes Trump confidants such as Transportation Minister Sean Duffy, also saw last year's revenue reach $71.5 million (about 103.2 billion won), up 58% from the prior year. Brownstein, which had held K Street's top revenue through 2024, posted $73.9 million (about 106.6 billion won) last year, up 8% from the prior year. "It seems like every quarter we see more challenges and opportunities from the administration and Congress," said Nadeam Elshami, Brownstein's policy director.
Among newer lobbying firms, Continental Strategy, founded by Carlos Trujillo, who served as an adviser to Trump's presidential campaign, stood out. The firm's lobbying revenue jumped about 1,400%, from $1.8 million (about 2.6 billion won) in 2024 to $27 million (about 3.9 billion won) last year. Checkmate Government Relations, run by a friend of Trump's eldest son, Trump Jr., earned only $70,000 (about 100 million won) in revenue in 2024, but last year it landed 80 clients and brought in $21 million (about 3.03 billion won).
Earlier, on the 22nd, Reuters also reported that lobbying firms booked record revenue in Trump's first year in office, analyzing that the "one big, beautiful bill" centered on tax cut that took effect in July last year had a positive impact on the lobbying industry. Citing lobbyists, Reuters reported, "Even six months after the bill passed, proposals to the administration and Congress on how to implement it are continuing."
With the Supreme Court's ruling pending on the legality of the Trump administration's so-called "reciprocal tariffs," trade issues are expected to emerge as a key concern for clients this year as well. Politico said, "Legislative activity is expected to slow ahead of the midterm elections, but lobbyists will remain busy with congressional oversight, the government budget and appropriations process, and the administration's recent foreign policy moves."