In its first major overhaul since the introduction of peer groups in 2004, the Global Elite table is only five firms long.
Herbert Smith has transferred to the City International table after exhibiting profitability levels far below the elite group average.
But while Global Elite earnings may combine to provide the highest grossing turnover average in the LB100 (at £1,056m that average tops the billion pound barrier for the first time) growth is resolutely meagre. Indeed Herbert Smith’s 3% rise in revenues would have hit the peer group average exactly.
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