US firm revenue-season has begun with leading firm Paul, Weiss, Rifkind, Wharton & Garrison posting year-on-year growth. Revenues were up 7% in 2015 to $1.1bn from $1bn the previous year in what is the firm's 16th year of record-breaking growth having broken the billion dollar barrier last year.
Just weeks into his new role as Linklaters global head of banking, Tony Bugg told the firm's 200 banking lawyers in London that a reorganisation will take place, with four group leaders introduced with greater power to set individual and group targets.
English lawyers have long had an edge over their US and continental colleagues. English law was established early as the law of trade, business and increasingly projects – a throwback to the days of the Empire. This was a major driver of growth for UK-based firms in recent decades, but it is well known that New York law has become a rival to English law, especially in banking and finance, as corporates tap into the deep US debt markets.