Linklaters profits are set to exceed the £1 ($2.42) billion mark for the first time, according to UK legal newspaper The Lawyer. With growth of 15 per cent, Linklaters is pursuing Clifford Chance for the title of world’s biggest law firm. Clifford Chance is the only other firm so far to have turned over £1 billion in revenue and is expected to do so again this year, with growth forecasts of around 15 per cent.
Linklaters is also expected to top revenue growth at Freshfields Bruckhaus Deringer where insiders have predicted a 12 per cent increase in revenue, taking it to £987 million ($2.38 billion).
When contacted by Lawyers Weekly, a Linklaters spokesperson said that following the firm’s conversion to an LLP on 1 May this year, they were preparing accounts for the year ending 30 April 2007 as if they had converted to an LLP on 1 May 2006. Consequently, preliminary audited results are not expected to be finalised until July.