Revenue at the U.K.’s magic circle firms suffered a decline of 11 percent for the fiscal year ended April 30. Leading the way as the highest-grossing firm for the year was Clifford Chance.
Clifford Chance returned to the top spot despite suffering a 5 percent decline in revenue to $1.8 billion, Bloomberg reports.
Linklaters, last year’s highest-grossing U.K. firm, fell to 2nd on revenue of $1.78 billion, which was an 8.8 percent decline from the prior year. Rounding out the magic circle firms were Freshfields Bruckhaus Deringer LLP with $1.73 billion, a drop of 11 percent; and Allen & Overy LLP, which reported revenue of $1.59 billion, a four percent drop.
Revenue is down a bit, but you always expect it to come down as the recession unwinds,” Tony Williams, founder of Jomati Consultants in London and a former managing partner at Clifford Chance, told Bloomberg. “The initial panic from the financial crisis and the Lehman collapse caused a lot of work, and there’s been a period where everyone sort of licks their wounds.”
Bloomberg cited a major decrease in mergers & acquisitions work as the reason for the declines.
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Posted by joshua
on July 8, 2010. Filed under Home,Law Firm News,Legal News.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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