Global 100: In the club

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As the international legal market stratifies, the gap between executive class and economy is widening in the Global 100. Here we discover which firms have the dream ticket

Arnold & Porter, the Washington DC-based firm that specialises in regulatory, antitrust and commercial litigation, posted a 14% increase in revenue to $731m this year, its second successive year of double-digit growth. In fact, since Legal Business first reported the finances of the leading global law firms in 2004, there has not been a single year when Arnold & Porter hasn’t posted an increase in revenue.

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Global 100: Scheduled departures

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Asia continues to dominate when it comes to new offices opened by Global 100 firms. But despite the attraction of exciting Eastern destinations, there are growing questions as to whether the travel is paying off.

‘People have the view that Asia is a rice bowl and they are waiting to gorge themselves,’ says a partner at a US law firm based in Singapore. Given the trends in recent office openings by the Global 100, it would appear there are still plenty of firms queuing up to have their fill. Over half of the 41 Global 100 firms that opened new offices in the last 12 months chose to open them in Asia, adding up to 28 new offices in the region in total, with Seoul and Singapore by far the most popular destinations. This contrasts significantly with last year when just ten Global 100 firms launched ten new offices across Asia.

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Global 100: Norton Rose Fulbright

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The ascent of Norton Rose up the global league has been swift in recent years, with the City-based law firm currently in 14th place in the Global 100, with turnover marginally up to $1.33bn. Profits per equity partner (PEP) were $887,000.

This growth came due to the dramatic expansion of the Norton Rose Group with the addition of Australian mid-tier Deacons in 2010 and subsequent takeovers in Canada (Ogilvy Renault and Macleod Dixon) and South Africa (Deneys Reitz). Continue reading “Global 100: Norton Rose Fulbright”

Global 100: DLA Piper

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A highly symbolic year for DLA Piper, with the rapidly-assembled business services juggernaut becoming the world’s largest law firm in revenue terms with income up 9% to $2.44bn, while profit per equity partner (PEP) was up by 6% to $1.3m.

The 1,300-partner firm – which now has nearly 80 offices worldwide – also made ground in pushing up the value chain, a key aim behind the 2011 appointment of former Linklaters head Tony Angel as global co-chair. Profit per lawyer (PPL) was up 10% annually to around $150,000 as the number of lawyers decreased by 3% to 4,036 firm-wide. Continue reading “Global 100: DLA Piper”

Global 100: The client view

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FTSE 100 general counsel (GC) say global firms have finally listened to their concerns on costs and that, if anything, the scales need to be tipped in favour of strengthening their relationship once more.

A year ago it was far from uncommon to hear the GCs of large international companies say that, while they battled to stay within a shrinking budget, their trusted advisers showed a surprising detachment from economic reality and a lack of empathy with their clients’ financial situation. Continue reading “Global 100: The client view”

Global 100: Methodology

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FINANCIAL YEAR-ENDS

Financial data shown is for the last financial year – either calendar year 2012 or 2012/13.

Financial years differ – most end in December in the US, and in April in the UK.

Legal Business takes the compilation of the Global 100 very seriously. We make every effort to ensure that the figures we publish are accurate and precise. The overwhelming majority of firms co-operate fully with us in this regard by providing us with the required information. Some firms choose not to co-operate officially with our data collection process and in these circumstances we rely on figures given to us by trusted but anonymous sources. Continue reading “Global 100: Methodology”

Global 100 – Dewey & LeBoeuf – Lessons from a downfall

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Dewey & LeBoeuf went from 26th in last year’s Global 100 to filing for bankruptcy in May this year. What can the Global 100 learn from the firm’s demise? 

Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey; Brobeck, Phleger & Harrison; Heller Ehrman; and Howrey, the US legal market has quite a track record when it comes to large law firm failures.

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Global 100 – The state of the union

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After a series of shocks to the global economy, followed by Dewey & LeBoeuf’s downfall, there’s plenty of concern for US firms

American managing partners have become accustomed to false dawns and 2011 had a depressingly familiar feel to it. The start of the year was promising, with counter-cyclical workflows in litigation and bankruptcy joined by an uptick in corporate deal activity, but this came to a familiar halt over the summer. The continuing crisis in the eurozone and uncertainty over America’s debt ceiling undermined any hope that the activity through the first half of the year would continue for the second six months.

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