Global 100 2021 – contents
Global 100 overview: Beasts of burden
In Legal Business’ last Global 100 issue, as firms enjoyed financial years almost entirely untainted by the economic chaos wrought by Covid-19, we said the strain would start to show in this year’s report. It meant last year’s results were all the more important, as they would be the platform upon which Global 100 firms would face their worst economic crisis in over a decade.
We added that across key metrics, the global elite had reason to be optimistic – gross revenue was up 5% to $119.72bn – but the dent many saw to their profitability was only anticipated to get worse, as average profit per equity partner (PEP) at a Global 100 firm shrank 4% to $1.8m across 2019/20. Continue reading “Global 100 overview: Beasts of burden”
Global 100: Hogan Lovells – Winning Hartson minds
The champagne corks had long-since popped when the great and the good of legacy British firm Lovells and Washington DC powerhouse Hogan & Hartson met at a practice area retreat in Barcelona in 2013. While there was cause for cheer at the bedding in of their union, there was also business to attend to.
Adrian Walker, now a global board member and head of Hogan Lovells’ ESG practice, was then a couple of years into his role as global co-head of infrastructure, energy, resources and projects, a role he shared with Hogan Lovells’ current chief executive, Miguel Zaldivar. He recalls the odd mix of levity and gravity: ‘I interviewed a load of people at the firm for a video we did at the retreat for a bit of fun. I spoke to Miguel about values, and how the world will look in 50 years. He mentioned green energy and autonomous cars but noted that core values will always remain the same. We learn them from our predecessors and pass them on to the next generation. Continue reading “Global 100: Hogan Lovells – Winning Hartson minds”
Global 100: Goodwin – No guts, no glory
The Zoom call with Gemma Roberts, private equity partner and recently-appointed co-chair of Goodwin’s London office, has not got off to the most auspicious of starts. First Roberts has a tech malfunction and then the interview is disrupted by the world’s loudest weekly fire alarm test. ‘Learning points for our next call will be to make a computer work and to not have it at 11am on a Wednesday,’ Roberts quips. The irony of the situation is not lost, given the firm’s reputation for advising on matters with a strong technology bent.
Looking at Goodwin both internationally and in London, there appears little cause for alarm. Globally, the firm has increased revenue 12% since 2020 to $1.49bn and a striking 72% over the last five years, making it the third-fastest growing global firm by revenue after Kirkland & Ellis and Covington, which have bolstered turnover 110% and 78% respectively since 2016. In that context, the London office comfortably eclipses the firm at large, bringing in $99.1m, marking a 33% surge since 2020. The London office now generates nearly 7% of firm-wide revenue, no mean feat given this office is just 11 years old. Continue reading “Global 100: Goodwin – No guts, no glory”
Legal Business 100: Main Menu
Overview
Marathon, not a sprint
Events since coronavirus hit should have triggered a crisis of epic proportions. But our LB100 report makes it clear that, against all odds, the starter pistol on panic has yet to be fired
Main table
Partner earnings table
Core stats
Second 25
The great leap upwards
After a year of triumph over adversity, the LB100’s chasing pack are priming themselves to reach new heights
Second 50: City and Boutique
Percentage play
While the performance of the mid-market and boutique London-based firms in the second 50 is more muted than other areas of the LB100, these firms pack a considerable punch
Second 50: Regional View
Faster, higher stronger
The regional firms in the second 50 of the LB100 have proved that their stamina and talent can help them rise to meet the toughest of challenges
Methodology and notes
The Last Word
Going the distance
LB100 leaders give their views on another remarkable year and offer their prognosis on the 12 months ahead
LB100 Overview: Marathon, not a sprint
The phrase has long been a cliché among industry circles, but no-one is better at being cautiously optimistic than a law firm leader. For years, individuals have been compelled to temper any bullishness on market outlook with a healthy recognition that disaster is probably just around the corner. After all, few things make the sting of a downturn worse than the humiliation of hubris. Yet this year’s Legal Business 100 (LB100) has again seen all those risk-averse catastrophists not only surviving but thriving.
To say much has changed since our 2020 report would be an understatement. Last year in profit terms, the message was clear that firms were cutting their cloth accordingly in light of a seemingly inevitable bout of financial turbulence in the year to come. Continue reading “LB100 Overview: Marathon, not a sprint”