Legal Business

Global London – Part of the game

It’s been a challenging period for European firms, but a growing band of players see a substantive City presence as core to their future prospects

Top-tier French outfit Gide Loyrette Nouel is the only continental European firm ever to have made our list of the 50 largest foreign firms in London and its fortunes in the Capital in recent years tell the story of many international firms post-Lehman. In 2008, it had 45 lawyers in the City. By 2013, this had fallen to 34. This is against a backdrop of poor financial performance in recent years, with turnover dropping 30% from £7.8m to £5.5m in the 2011/12 financial year, alongside a gross profit drop of 63% from £3.8m to £1.4m.