The initial numbers to emerge from the US reporting season indicate a relatively resilient performance in 2012 for the world’s largest legal market.
A series of firms have so far posted headline financial results, including Latham & Watkins, Quinn Emanuel Urquhart & Sullivan and White & Case, with the majority achieving growth in profits and fee income.
Latham reported growth of 3.4% with the top five US firm’s revenue hitting $2.23bn, up from $2.15bn for the 2011 year. PEP also grew 7.4% to $2.44m and the firm reported an increase of 2.4% in revenue per lawyer, which hit $1.1m in 2012.
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