find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
2008 proves a mixed bag for UK

2008 proves a mixed bag for UK

ALL THINGS considered, the UK magic circle has emerged relatively unscathed from the 2008 financial year, though some firms have weathered the storm better than others.But figures in The Lawyer…

ALL THINGS considered, the UK magic circle has emerged relatively unscathed from the 2008 financial year, though some firms have weathered the storm better than others.

But figures in The Lawyer UK 200 Annual Report 2008 show that revenue growth from outside the UK propped up less impressive growth from within the UK in at least three of the top four UK firms. Most notable was Clifford Chance, which achieved a considerable 19 per cent revenue growth from outside the UK, compared with just 2 per cent growth from within the UK.

The other three leaders fared somewhat better, with Freshfields Bruckhaus Deringer recording 20 per cent growth within the UK, Linklaters achieving 10 per cent and Allen & Overy reaching 9 per cent. Like Clifford Chance, all three also benefited from their solid presence outside the UK, achieving significant non-UK revenue growth of around 20 per cent each.

Though Clifford Chance pulled in the highest revenue overall — a sizeable £1329 million ($2922 million) — this is largely the result of strong performance outside the UK, which accounted for £781 million of total revenue.

Meanwhile Linklaters, the second-largest overall revenue earner at £1293 million, maintained and widened its lead over Clifford Chance in terms of revenue derived from within the UK (£600 million for Linklaters, £548 million for Clifford Chance).

According to The Lawyer, Linklaters, Freshfields and Allen & Overy have also outperformed Clifford Chance in terms of earnings per partner and revenue per fee earner. Each Clifford Chance partner bought in, on average, £900,000 compared with Freshfields on £1.430 million, Linklaters with £1.121 million and Allen & Overy with £1.031 million.

Just outside the magic circle, The Lawyer’s results show, it was more of a mixed bag. Some firms appeared to have been untouched by the crunch — namely Herbert Smith, which saw a massive 26 per cent revenue growth and Ashurst, which achieved 17 per cent growth. Both these firms have a strong and rapidly expanding presence in Europe and emerging markets, which made them less vulnerable to the flailing UK market.

Other more UK-dependent firms didn’t pull up so well. Travers Smith, for one, recorded just 3 per cent revenue growth, with earnings per partner down 8 per cent on last year. MacFarlanes, too, saw just 7 per cent revenue growth and recorded no improvement in earnings per partner.

According to The Lawyer, both of these firms, which have no international presence and are both very corporate-focused, probably would have achieved zero revenue growth had it not been for a booming start to the year.

The Lawyer also identified as potential merger targets some smaller, up-and-coming firms that stormed through 2008. Stewarts Law, which ranked 152 in terms of total revenue, is a niche litigation firm which saw a whopping 54 per cent jump in revenue over the last year. Another stellar performer was boutique media and entertainment firm Wiggin, which saw its revenue grow by 46 per cent.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

2008 proves a mixed bag for UK
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
Dec 14 2017
Punishing offenders twice pointless, politicians warned
The president of the Law Society of NSW has warned legislators from other states about adopting cont...
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...