LB100 Second 25: The great leap upwards

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LB100 Second 25: The great leap upwards

Analysing and then explaining the performance of the LB100’s 26-50 bracket is far from straightforward. The monumental disruption of the last year would seem to mandate a slip in standards or market activity at least somewhere, but across the board, leaders seem almost embarrassed by their near-universally buoyant performances.

Three of the top ten fastest-growing firms by revenue are in the 26-50 category, with expansive listed firm Knights the fastest in the entire LB100, after growing by 39%. Granted, Knights has bolted on a number of new offices to inflate the increase, but the acquisitiveness is representative of a flourishing market. Average revenue for the bracket increased by a respectable 4% to £154.7m, while average revenue per lawyer (RPL) remained flat at £273,000. Continue reading “LB100 Second 25: The great leap upwards”

LB100 Second 50: City and Boutique – Percentage play

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LB100 Second 50: City and Boutique – Percentage play

The 21 London-based firms that sit in the second half of the LB100, many of which are specialist, focused players, are known for packing a punch that belies their size. These firms average 179 lawyers and 29 equity partners and have a combined turnover of more than £1bn. The group contains some of the strongest private wealth and family firms in the country (Boodle Hatfield, Farrer & Co, Forsters, Harbottle & Lewis, Payne Hicks Beach); the strongest disputes and tech firms (Bristows, Kingsley Napley, Stewarts, Wiggin); and the definitive boutique, pensions specialist Sacker & Partners.

Perhaps because many of these outfits were lean going into the pandemic, and perhaps also their service lines are tighter than firms elsewhere in the table, the changes overall have been less dramatic than elsewhere in the LB100. Average revenue is broadly in line, up 3% from £47m to £48.3m, with a revenue per lawyer (RPL) of £271,000. But in profitability terms, while these firms are clearly high-performing, the gains in the last financial year have been modest. Profit per lawyer (PPL) and profit per equity partner (PEP) are both up by just 2%, to £85,000 and £469,000 respectively. Continue reading “LB100 Second 50: City and Boutique – Percentage play”

LB100 Second 50: Regional View – Faster, higher, stronger

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LB100 Second 50: Regional View – Faster, higher, stronger

The regional and smaller national firms that sit in the 51-100 bracket of the Legal Business 100 (LB100) have again proved their mettle. Twenty nine firms, with an average of 250 lawyers and 30 equity partners, have shone again.

Following last year’s 7% overall revenue growth, the group’s collective revenue was down to £1.41bn for 2020/21 – although there are two fewer firms in this category than last year. It is the average performance that tells the complete story: a striking revenue increase of 11% from £47m to £53m. This growth is also reflected in per lawyer metrics across the group. Revenue per lawyer (RPL) held steady at £192,000, but profit per lawyer (PPL) jumped 14% from £37,000 to £43,000. Average profit per equity partner (PEP), however, also moved up an impressive 8% to £352,000. And, while the performance of non-City firms in the second half of the LB100 is not nearly as strong on average metrics as their London counterparts (see part III), the gap is certainly narrowing and the firms in this group have far outperformed City and boutique firms on a year-on-year basis. Continue reading “LB100 Second 50: Regional View – Faster, higher, stronger”

The management interview – James Palmer

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The management interview – James Palmer

Legal Business: What has the pandemic taught you about leadership?

James Palmer: Everything teaches me. The last 15 months or so have been – and I’ve said this internally – the most extraordinary of my lifetime in most respects. Who would have anticipated this? I like change and challenge, but nothing prepared me for a year at home. Has it taught me things? Oh boy – yes! Continue reading “The management interview – James Palmer”

The Legal 500: Competition: Close competition

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The Legal 500: Competition: Close competition

‘Brexit was a big moment,’ notes Allen & Overy (A&O) London antitrust group head Mark Friend. ‘It has big ramifications for antitrust practitioners because the CMA (Competition and Markets Authority) is no longer able to enforce EU competition law but on the other hand, it is increasingly flexing its muscles. The high-level theme is that the CMA has an opportunity to compete on the international enforcement stage – freed from the shackles of the EU. We’ll see it taking an increasingly high-profile role.’

The UK’s departure from the EU has had an impact on all areas of legal practice, but perhaps none more so than antitrust and competition. Traditionally, the CMA as the UK regulator was largely subservient to the EU, meaning that all high-level work was European-facing. Though one may expect that Brexit would cause the London market to suffer, the emergence of the CMA as a global regulatory force has meant that London competition work is of greater global importance than ever before, to the extent that numerous US giants have been in hiring mode. Continue reading “The Legal 500: Competition: Close competition”

The Bribery Act, ten years on: Has it properly tackled corporate misconduct?

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The Bribery Act, ten years on: Has it properly tackled corporate misconduct?

Marking the ten-year anniversary of the Bribery Act, senior white-collar lawyers from private practice and in-house have agreed that significant progress has been made thanks to the legislation. They also engaged in a lively debate looking ahead to identify what more needs to be done to tackle corporate malfeasance.

Legal Business, in conjunction with Paul Hastings, hosted an online event featuring an all-star cast of partners and general counsel (GCs) alike with the aim of establishing whether the Act has had the enforcement impact it originally intended. Continue reading “The Bribery Act, ten years on: Has it properly tackled corporate misconduct?”