While this year’s LB100 has found transatlantic law firms experiencing slower revenue growth than their more tightly focused peers, an analysis of five years of data highlights how large-scale UK-US mergers are driving up profitability at a much steeper rate.
The UK’s 100 largest law firms increased profit per equity partner (PEP) by an average of 13% during the last financial year, with near across-the-board hikes coming despite the rising costs of associate salaries. On the back of double-digit revenue growth for more than half of the LB100 during 2023-24, average PEP rose to £844,000 …
The total revenue generated by UK-based legal services increased by 7.7% last year to a total of £47.1bn, according to a new report released today (10 December). The report, ‘UK legal services 2024: Legal excellence, internationally renowned’, is the 13th annual report from industry body TheCityUK, which represents UK-based financial and professional services businesses, and is …
Continue reading “Revenue generated by UK legal services rises almost 8% to £47bn, report finds”
Lewis Silkin has been appointed to lead an investigation into TV presenter Gregg Wallace, after historical allegations of misconduct were made against the MasterChef host.
Proskauer announced today that it has hired former A&O Shearman and Milbank partner John Goldfinch into its global finance practice. He will start at the firm’s London office on 2 December.
Baker Botts walked away from this year’s Legal Business Awards with the trophy for energy/infrastructure team of the year, in recognition of the firm’s work advising Air Products and Chemicals on Saudi Arabia’s landmark NEOM Green Hydrogen Project. LB spoke with two of the lead partners on the deal to discuss getting it over the line, the …
While Herbert Smith Freehills is one of the best-known legal brands in the UK, it is fair to say that Kramer Levin does not have the same name recognition. So who is HSF’s prospective merger partner? Here’s everything you need to know.
‘It looked like we were in for a rough time – but the markets stood up well.’ DLA Piper global co-chief executive Simon Levine’s take on the financial year neatly sums up the overriding sentiment about the year gone by, which started with much-cited concerns over inflation and global instability, but ended with law firm leaders …
Continue reading “Global 100 Overview: G100 defy gloom to pass $150bn”
The comparison between City partners’ attitudes to the UK general election in July and US partners’ attitudes to next Tuesday’s elections could not be starker. Then, not one partner interviewed doubted that Labour would emerge the winner. Now, it’s a coinflip – with even more uncertainty around what either candidate would do in office. LB checked …
‘There’s lawyers all over the world. The question isn’t whether or not Black people can be lawyers. The question is, what is it about England and Wales that means that Black lawyers don’t get the same opportunities as their white counterparts? And there’s no way to explain that other than racism.’ This comment from one …
