LB100 2012 – Future Proof

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From merger mania to profit manipulation – the LB100 in 2012 draws on familiar themes from 20 years of law firm financials.

If there’s one thing the last 20 years have taught us at LB, it’s that the legal profession carries on regardless. The UK may have entered into a  double-dip recession despite quantitative easing; the US and a number of European countries may have seen their credit ratings downgraded; M&A may have dried up and the global debt markets may be in stasis, but the UK’s top 100 law firms continue to post record growth and trend-busting profits. The industry has again showed its remarkable resilience and stability.

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LB100 2012 – Behind the Numbers: Profitability Revealed

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Which firms are the most profitable? In this table we blend together all of our profitability measures, including PEP, profit per lawyer and profit margin, to discover which of the top 100 firms are the most profitable.

The 100 firms have been ranked according to their mean rank on all three measurements.

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Global 100 – Dewey & LeBoeuf – Lessons from a downfall

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Dewey & LeBoeuf went from 26th in last year’s Global 100 to filing for bankruptcy in May this year. What can the Global 100 learn from the firm’s demise? 

Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey; Brobeck, Phleger & Harrison; Heller Ehrman; and Howrey, the US legal market has quite a track record when it comes to large law firm failures.

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Global 100 – Global Elite – Hollow victory

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The Global Elite continues to dominate the international legal market. But with ailing global markets and little to no M&A, not every firm has much to celebrate

Europe is in crisis, the UK has hit a double dip recession and US markets continue to fluctuate. Likewise the debt markets are closed, M&A sits on ice and big-ticket litigation is few and far between. But the Global Elite retains its dominant position. The world’s behemoths remain relatively unscathed by the knock-on effect of ailing global economic and financial markets.

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Wealth management – Filling big shoes

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The global diversification of wealth continues to drive the efforts of law firms’ private client teams as the world’s population of affluent individuals continues to climb. LB tracks the latest developments.

The international private client teams at major law firms are thriving. The practice area, for decades regarded as the black sheep of the family, has now been warmly accepted into the fold. In some cases private client has become more than a much-loved practice area.

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Power brokers

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As all eyes turn to energy as the safe hedge in a turbulent market, there is no doubt that the sector’s general counsel are in an excellent bargaining position

In terms of legal spend, an energy company is a particularly lucrative client. To begin with, the acquisitive nature of these cash-rich corporates means that transactional advice is clearly a must. Also, as the recent BP oil spill all too effectively demonstrated, the high-risk nature of the industry provides a fair flow of environmental and litigation instructions too.

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Chindia – Centre of the universe

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Singapore has emerged as the location of choice to serve the legal markets in China and India and is attracting waves of international firms. LB looks at the reasons why the jurisdiction is king of the so-called Chindia market

With the European Union in its spiralling debt mess and the US hugely overdrawn, global businesses are concentrating their efforts on Asia and, naturally, law firms are following. But whereas Hong Kong was traditionally the default outpost for international law firms, Singapore has emerged as the destination of choice for many newcomers. There are two main reasons for this. Firstly, the city state is ideally positioned to serve both India and China, two major economic powerhouses that form the so-called ‘Chindia’ market. Secondly, the shackles that restricted foreign firms operating in Singapore have been loosened.

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Global 100 – The state of the union

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After a series of shocks to the global economy, followed by Dewey & LeBoeuf’s downfall, there’s plenty of concern for US firms

American managing partners have become accustomed to false dawns and 2011 had a depressingly familiar feel to it. The start of the year was promising, with counter-cyclical workflows in litigation and bankruptcy joined by an uptick in corporate deal activity, but this came to a familiar halt over the summer. The continuing crisis in the eurozone and uncertainty over America’s debt ceiling undermined any hope that the activity through the first half of the year would continue for the second six months.

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