Global 100: Latham & Watkins

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Despite facing considerable reverses in the wake of the 2008 banking crisis – which saw a sharp fall in revenues and profits in its 2009 financial year – the US-based Latham & Watkins looks to have settled back into a solid upward track.

The Los Angeles-bred firm had another robust year in 2012, reinforcing its position among the global elite with a 6% growth in net profits to over $1bn. After achieving top quartile growth for the 2011 financial year, revenue growth was this time more subdued, rising 3% to $2.22bn while profit per equity partner (PEP) rose by 8% to $2.4m. In the last full boom year of 2007, Latham posted revenues of $2bn, against PEP of $2.27m. Continue reading “Global 100: Latham & Watkins”

Global 100: DLA Piper

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A highly symbolic year for DLA Piper, with the rapidly-assembled business services juggernaut becoming the world’s largest law firm in revenue terms with income up 9% to $2.44bn, while profit per equity partner (PEP) was up by 6% to $1.3m.

The 1,300-partner firm – which now has nearly 80 offices worldwide – also made ground in pushing up the value chain, a key aim behind the 2011 appointment of former Linklaters head Tony Angel as global co-chair. Profit per lawyer (PPL) was up 10% annually to around $150,000 as the number of lawyers decreased by 3% to 4,036 firm-wide. Continue reading “Global 100: DLA Piper”

Global 100: The client view

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FTSE 100 general counsel (GC) say global firms have finally listened to their concerns on costs and that, if anything, the scales need to be tipped in favour of strengthening their relationship once more.

A year ago it was far from uncommon to hear the GCs of large international companies say that, while they battled to stay within a shrinking budget, their trusted advisers showed a surprising detachment from economic reality and a lack of empathy with their clients’ financial situation. Continue reading “Global 100: The client view”

Global 100: Methodology

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FINANCIAL YEAR-ENDS

Financial data shown is for the last financial year – either calendar year 2012 or 2012/13.

Financial years differ – most end in December in the US, and in April in the UK.

Legal Business takes the compilation of the Global 100 very seriously. We make every effort to ensure that the figures we publish are accurate and precise. The overwhelming majority of firms co-operate fully with us in this regard by providing us with the required information. Some firms choose not to co-operate officially with our data collection process and in these circumstances we rely on figures given to us by trusted but anonymous sources. Continue reading “Global 100: Methodology”

Few are chosen – is partnership still worth the contest?

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Partnership prospects continue to decline in a gloomy economy, while UK law firms are increasingly promoting abroad or associates hired from other firms. Legal Business investigates whether the odds of making partner make it still worth the contest

When a trainee joins a firm, aspirations are high and the road to success is inviting. The route is mapped out from the start – train at the firm, become an associate, rise up the ranks to the ultimate goal – partnership. Sounds perfect.

Continue reading “Few are chosen – is partnership still worth the contest?”

Pretenders to the throne – the regional players with national ambition

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While national leaders have lavished attention on their international and City practices in recent years, a handful of mid-market regional players have made a dramatic attempt to seize chunks of their ill-defended domestic empires. Legal Business looks at five of the most likely challengers

Let’s be plain – these law firms had been written off. Regionally-driven, stuck in back-waters and unglamorous, commoditised areas of law such as insurance and employment – there was a sizeable band of firms left behind by the emerging national and international forces of DLA Piper and Eversheds and with little apparent chance of bettering their fortunes.

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Protect and serve – Europe moves to keep IP plugged into the digital age

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With copyright and trade mark law reform top of the agenda in Europe, Legal Business talks to IP lawyers about the implications of a groundbreaking copyright case and the EC’s proposed changes to the European trade mark system.

`It always used to be that copyright cases were literally about copying – that’s hardly an issue any more,’ reflects Taylor Wessing’s Mark Owen, who joined the firm as a partner from Harbottle & Lewis in early April. He is talking about the long-running landmark copyright case NLA v PRCA (Meltwater), which the UK Supreme Court referred to the Court of Justice of the European Union (CJEU) on 17 April.

Continue reading “Protect and serve – Europe moves to keep IP plugged into the digital age”

Altered Images – will the real Mayer Brown stand up?

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Once one of the most lauded transatlantic players, Mayer Brown has struggled to find its form over the last five years either globally or in the City. Legal Business asks if the firm knows what it wants to be in the Square Mile.

A little over four years ago Mayer Brown went through the latest in a series of reboots aimed at repositioning the firm. Back in 2009 that desire to begin a new chapter was understandable. Mayer Brown had recently weathered a turbulent period dominated by a partner restructuring, problems in its Chicago and New York arms and, of course, the fallout generated by the global banking crisis. The message the firm sought to articulate was that it was determined to reposition itself as a more performance-driven outfit, geared more strongly towards a globalising but increasingly competitive market.

Continue reading “Altered Images – will the real Mayer Brown stand up?”