A folding knife including a handle, a pivot axis, and a blade having a cutting edge. The blade is pivotably coupled to the handle such that the blade is pivotable relative to the handle about the pivot axis between a retracted position and an extended position. The cutting edge is exposed in the extended position and a portion of the blade is received within the handle in the retracted position. The folding knife further includes a bearing assembly for facilitating movement of the blade between the retracted position and the extended position. The bearing assembly includes a first bearing recessed within the blade and a second bearing recessed within the handle.