Global 100 Overview: Spinning around

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Global 100 Overview: Spinning around

The contrast between last year’s Global 100 report and this year’s could hardly be starker. Last year saw firms blow away even optimistic predictions to post extraordinary results. Total revenue increased by 15% to $147.5bn – more than double the previous year’s already impressive rise of 7%. Average profit per equity partner (PEP), meanwhile, shot up 19% to $2.37m.

This year, gross revenue increased by just 1% to hit $149.2bn, while average PEP dropped by 3% to $2.29m. Last year, we deemed a firm to be struggling in relative terms if it did not put both revenue and PEP up by 10% or more. This year, double-digit increases are far rarer: only eight firms increased revenue by 10% or more, and only two – Gibson Dunn (see analysis) and Polsinelli – managed double-digit increases in both revenue and PEP. Continue reading “Global 100 Overview: Spinning around”

Global 100: Gibson Dunn – A global outlook for an LA stalwart

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Global 100: Gibson Dunn – A global outlook for an LA stalwart

‘We are in growth mode,’ announces Joshua Lipshutz, chief operating officer of Gibson Dunn, as he beams into the boardroom of the firm’s London office via Zoom. An apt statement for a firm that has stormed into the Global 100’s top ten in a year where many firms’ revenues have faltered.

Up four places from its position in 2022, the firm has achieved revenue of $2.74bn, marking a 10% increase from last year and a 67% increase over the past five years. This places the firm in its 27th year of consecutive revenue growth. PEP looks equally buoyant, with the firm seeing a respectable 11% increase to $4.92m.

Continue reading “Global 100: Gibson Dunn – A global outlook for an LA stalwart”

Global 100: White & Case: Global elite leader or missed opportunity?

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Global 100: White & Case: Global elite leader or missed opportunity?

‘Our ability to pitch top-ranked teams under both New York and English law, and where needed under the local laws to back that up, remains our USP,’ asserts Oliver Brettle, White & Case’s vice chair, underscoring what sets the firm apart.

Unveiling subdued financials this cycle, the firm’s London arm experienced a modest 1% revenue growth to $451m, contrasting sharply with the 18% and 12% revenue upticks witnessed in 2020 and 2021. Global turnover was also muted, declining by 1% to $2.83bn. However, it still signifies a substantial 57% increase over five years and outperforms the figures observed among Magic Circle peers.

Continue reading “Global 100: White & Case: Global elite leader or missed opportunity?”

Global 100 firms expand notably in core areas as Paul Weiss vs Kirkland rumbles on

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Global 100 firms expand notably in core areas as Paul Weiss vs Kirkland rumbles on

The lateral hiring market in November was once again dominated by comings and goings between Paul Weiss and Kirkland & Ellis, as well as big moves between Global 100 rivals in Europe.

Just when the market thought Paul Weiss had eased up on its hiring spree in the run-up to Christmas, the firm announced it had hired John Patten, a partner in the London technology and intellectual property (IP) transactions practice of Kirkland. Continue reading “Global 100 firms expand notably in core areas as Paul Weiss vs Kirkland rumbles on”

Legal Business 100 2023: Stuck records

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Legal Business 100 2023: Stuck records

Overview: Here comes the rain again

Our 2023 Legal Business 100 report finds law firm leaders in unusually pensive mood with the inevitable end to the transactional bull run. How will firms adapt to having to change the record?

The LB100 main table

Key financials of the top 100 firms

The LB100 partner earnings table

The LB100 core stats

The second 25: Riders of the storm

After an uncharacteristically muted performance last year, the LB100’s longstanding pacesetters – firms in the 26-50 quartile – find that lightning can strike twice. What will it take for the group to rebound?

The second 50 – City and boutique: London falling?

A diverse mix of specialist boutiques and full-service firms, the London mid-market players are struggling to prove which strategy works in competitive conditions

The second 50 – Regional view: Coming together

Consolidation is rife among regional and national firms occupying the second half of the LB100. A sign of things to come?

Firm profiles

Firm profile Eversheds Sutherland: ‘Beyond the soundbites’

Firm profile Womble Bond Dickinson: ‘Joining the dots’

gunnercooke: ‘Cooking up a storm?’

Endnotes

Methodology and notes

LB100 – Overview: Here comes the rain again

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LB100 – Overview: Here comes the rain again

Last year’s LB100 report saw firm leaders bullish, overwhelmingly characterising a boom market, even as macroeconomic indicators had started to flash warning signs.

This year, it seems, some of the confidence of stellar recent years has finally started to dwindle. Revenue has continued to grow, though at a slightly slower rate: with turnover up on average 8% across the LB100 table, to a total of £33.77bn. For context, this is one percentage point less than the 9% increase in the group’s top line to £31.35bn recorded in 2022. Continue reading “LB100 – Overview: Here comes the rain again”

LB100 – The second 50 – City and boutique: London falling?

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LB100 – The second 50 – City and boutique: London falling?

This year, 24 London-headquartered and boutique firms can be found in the second half of the LB100, experiencing an average revenue of £57.3m from last year’s £53.4m. This 7% increase almost matches the average revenue growth experienced by the firms across the entire LB100.

Taking a closer look at the breakdowns of the group’s performance tells us that in FY22/23, the average number of lawyers among the City and boutique firms is up by 16% from last year to 207 from 179. However, profit per lawyer for the group is up 4% to reach 2021 levels at £85,000. Continue reading “LB100 – The second 50 – City and boutique: London falling?”