Global London – Sweeping the board

Posted on |

Our 12th annual Legal Business Global London survey reveals the pressure a mounting US offensive is putting on City stalwarts. Can the UK firms resist the advance?

Maurice Allen, co-managing partner of Ropes & Gray’s London office, knows all about the major players in the City, having taken in Clifford Chance (CC), White & Case and Freshfields Bruckhaus Deringer during his career. ‘All US firms are doing extremely well,’ he says. ‘A number of firms made significant investments – they’re hiring because the market is playing very nicely to the US firms.’ A biased view perhaps but one that is backed up by the data in this year’s Global London survey: overall headcount of the 50 largest global firms in the UK is up by 6% on the previous year to 4,624 from 4,382.

Continue reading “Global London – Sweeping the board”

A truly global City and the fiercest contest in law

Posted on |

So much for the humbling of the City. Our annual Global London special finds that the number of lawyers employed at the top 50 foreign firms in the Square Mile has finally and comfortably broken its 2008 high, with over 4,500 lawyers working across the group after a 6% hike in numbers.

And in the post-Lehman world, London is now less about grand schemes and expensive investment – these offices are often profitable in their own right. The top ten largest City offices of US-bred parents collectively generated over £1bn in fees last year and have made 34 lateral hires since last February. Continue reading “A truly global City and the fiercest contest in law”

The last word – American hustle

Posted on |

In this month’s Global London special we report on the advances made by US firms in London, particularly in litigation. Senior players in London give their perspective.


GO WEST

‘Although Magic Circle firms have offices in the US, they haven’t penetrated the biggest legal market in the world. Those firms haven’t got past a couple of cities on the East Coast – that doesn’t cut it in the US. There’s a lot of litigation in the US and those firms don’t have the same amount of coverage.’

Craig Shuttleworth, partner, Jones Day

 

Continue reading “The last word – American hustle”

Outpaced – US firms’ 2013 City revenue increases overshadow global results

Posted on |

Aside from a notable shift towards growth, one of the most salient trends to emerge from 2013’s US financial results is the fact – and the extent to which – the London offices of America’s finest firms are outpacing their global recovery. Continue reading “Outpaced – US firms’ 2013 City revenue increases overshadow global results”

US financial results 2013: DLA achieves record revenue of $2.48bn as growth slows

Posted on |

The highest-ever gross turnover but reduced growth figures was the message that came out of DLA Piper’s financials today (28 February), as the top Global 100 firm revealed a 1.7% increase in revenue to $2.48bn, while revenue per lawyer rose 3.3% to $625,000.

Profit per equity partner rose just 1% to $1.325m, while the global firm’s net income slipped 0.3% to $602m, although that still constitutes a significant improvement when compared with 2011 figures of $563m. Continue reading “US financial results 2013: DLA achieves record revenue of $2.48bn as growth slows”

US results season 2013: Hogan Lovells unveils highest post-merger results with 5.2% increase in turnover

Posted on |

Transatlantic firm Hogan Lovells has today (27 February) unveiled its highest post-merger global financial results, posting a fee-income increase of 5.2% while profit per equity partner (PEP) and revenue per lawyer (RPL) increased by 10% and 3.7% respectively.

Fee-income increased to $1.72bn, while PEP rose to $1.21m and RPL was up to $742,613. Across the regions, the Americas represented approximately 46% of total billings, while London and Continental Europe together equalled 47%, and the Asia & Middle East region totalled 7%. Continue reading “US results season 2013: Hogan Lovells unveils highest post-merger results with 5.2% increase in turnover”

US financial results 2013: Paul Weiss builds on 2012 success with revenue increase of 7%

Posted on |

New York elite firm Paul, Weiss, Rifkind, Wharton & Garrison has built on its double-digit growth of 2012 by turning out a near 7% increase in revenue for 2013, up to $934.5m, while its profit per equity partner (PEP) figure rose by 8% to $3.62m.

The results follow the 803-lawyer firm’s 12% increase in turnover to $877m in 2012, coupled with a 6% increase in PEP to $3.35m. Much of the top 40 Global 100 firm’s success is credited to its top flight litigation practice, which has represented major financial institutions such as Bank of New York Mellon in its defence against a $1bn claim last May. Continue reading “US financial results 2013: Paul Weiss builds on 2012 success with revenue increase of 7%”

Tax overhaul threatens US firms with four-year cash drain but could boost global mergers

Posted on |

US law firms are facing a fundamental overhaul over the way they calculate and distribute their profits that could result in far higher short-term tax bills if controversial proposals currently before Congress are approved.

The proposals could see US firms with over $10m in revenues forced to switch their accounting model from a cash basis, under which money received in a financial year is taxable, to a UK-style accrual method, where taxable revenue includes work done but not yet billed or collected.

Continue reading “Tax overhaul threatens US firms with four-year cash drain but could boost global mergers”

Global office launches for Norton Rose, Quinn Emanuel, Bakers and Jones Day

Posted on |

Global 100 firms embraced foreign expansion again in February. Norton Rose Fulbright (NRF) announced a significant addition to its Latin America footprint with the launch of an office in Rio de Janeiro, hiring BP’s global corporate assistant general counsel (GC) Andrew Haynes as office co-head, while US litigation leader Quinn Emanuel Urquhart & Sullivan set up shop in Brussels, Baker & McKenzie in Myanmar and Jones Day in Perth.

NRF’s new office in Brazil, which will also be run by current head of Colombia, Glenn Faass, will be the firm’s third in the region after Venezuela (Caracas) and Colombia (Bogotá), and its 55th office worldwide.

Haynes joined NRF at the start of February from BP, where as assistant GC global corporate he oversaw all M&A legal work for BP.

Continue reading “Global office launches for Norton Rose, Quinn Emanuel, Bakers and Jones Day”

US results season 2013: McDermott and King & Spalding post 4% increase in revenue

Posted on |

Chicago-headquartered firm McDermott Will & Emery has continued its post-financial crisis recovery, unveiling a 3.5% increase in revenue to $881m, as close US rival in revenue terms, King & Spalding sees its turnover increase by 4% to $861.4m.

McDermott’s net income also grew in 2013, with a 7% increase to $297m, fuelling an increase in profit per equity partner (PEP) to $1.545m. The top 40 Global 100 firm’s profit margin rose by a percentage point to 34%, while its revenue per lawyer increased by 4.2% to $865,000. Continue reading “US results season 2013: McDermott and King & Spalding post 4% increase in revenue”