Axiom Ince appoints administrators as Law Society questions compensation fund levy
Axiom Ince has filed documents with the High Court to appoint Neil Bennett, Alex Cadwallader and Andrew Poxon of Leonard Curtis as joint administrators. They will be responsible for closing the firm’s business, realising its assets, and reporting to its creditors.
The joint administrators will operate separately from intervening agents Gordons, Shakespeare Martineau and Stephensons, who will continue to deal with the client affairs of Axiom Ince. Continue reading “Axiom Ince appoints administrators as Law Society questions compensation fund levy”
Warning signs? Baker McKenzie records stagnant financials in year-end results
In what is perhaps an early bellwether of 2023 financial performance for the market at large, or a hangover from the second half of 2022, Baker McKenzie has released its financial results following its year end on 30 June, reporting a revenue of $3.3bn, the same as 2021/22, when turnover increased by 6%.
The firm’s net income has also stayed the same as the previous year at $1.2bn. Continue reading “Warning signs? Baker McKenzie records stagnant financials in year-end results”
Social media influencers: Social circles
Back in the spring, Legal Business asked whether a professional social media presence is now a ‘must-have’ for the modern lawyer, in a feature which also acknowledged that ‘what is trending one week can be quickly forgotten the next’.
And while the post-Covid return to the office has since gathered pace, lawyers’ love for LinkedIn shows no sign of slowing up. Autumn is of course the season when the platform comes alive with the hum of humbled and delighted lawyers posting their Legal 500 endorsements, a process which is now more compulsory than ever (not least due to the requirement to make your charitable #humblebrag donation to Save The Children – get involved if you haven’t done so yet). Continue reading “Social media influencers: Social circles”
James Bremen, chair of Quinn Emanuel’s construction and engineering practice
In the early days of the pandemic, James Bremen began posting direct-to-camera explainers on Covid-19 legal issues, before branching out into career advice on making partner and successfully building client relationships, attracting thousands of views with the minimum of fuss Continue reading “James Bremen, chair of Quinn Emanuel’s construction and engineering practice”
Social media influencer: Emma Lilley, head of legal UK&I, SD Worx
Emma Lilley, UK and Ireland head of legal at HR and payroll management company SD Worx, has built an audience of over 10,000 followers on Instagram, and leveraged that platform to successfully lobby the Law Society to hold its first-ever regional admissions ceremony in Leeds Continue reading “Social media influencer: Emma Lilley, head of legal UK&I, SD Worx”
Social media influencer: Sahar Farooqi, barrister
A former barrister at both DAC Beachcroft and DWF, where he led the advocacy unit, Sahar Farooqi now has more than 40,000 followers on Linkedin, an audience which has afforded him numerous networking opportunities online Continue reading “Social media influencer: Sahar Farooqi, barrister”
Social media influencer: Chrissie Wolfe, solicitor and founder of LAB Consultancy
After almost a decade at Irwin Mitchell, Chrissie Wolfe set up on her own in 2017, using social media to build her a successful business on the back of the connections gained through various online platforms Continue reading “Social media influencer: Chrissie Wolfe, solicitor and founder of LAB Consultancy”
Social media influencer: Jeremy Hopkins, head of legal operations, Contentsquare
After more than two decades at the Bar, from junior clerk to practice manager at 3 Verulam Buildings, Jeremy Hopkins’ adoption of Twitter led to media recognition and sparked an unexpected job opportunity that changed the course of his career
Jeremy Hopkins is someone who has seen the rise of social media from more perspectives than most. After more than two decades at the Bar, from junior clerk at XXIV Old Buildings in 1989 to practice manager at 3 Verulam Buildings, his adoption of Twitter in 2009 was the catalyst for what he describes as a ‘life-changing’ moment. Continue reading “Social media influencer: Jeremy Hopkins, head of legal operations, Contentsquare”
ChatGPT has drunk the Kool-Aid on A&O Shearman – let’s see what it makes of Paul Weiss
So much ink has been spilled over game-changing developments in recent weeks – namely the partnership vote in favour of the A&O Shearman deal, and Paul Weiss’ assault on the talent pools of the Square Mile – that it can be difficult to find an angle that isn’t hackneyed to within an inch of its life.
Nevertheless, a ring around senior contacts for a different take paid dividends, even if some of the suggestions are more about playing devil’s advocate and mischief-making. Continue reading “ChatGPT has drunk the Kool-Aid on A&O Shearman – let’s see what it makes of Paul Weiss”
Social mobility: An invisible problem
‘We have yet to make significant strides in fostering systemic change for social mobility. Our focus around diversity and inclusion has only been for the past 15 to 20 years, while the legal industry has a history spanning hundreds of years. So, when we gauge the progress made in proportion to this vast timeline, it becomes evident that there is still much ground to cover. Nevertheless, the industry has made commendable strides in a relatively short span, and I believe it can continue its journey towards greater equity with increased support, more allies, and greater investment,’ muses Akil Hunte, a former CMS trainee and current chair of NRG Lawyers, an organisation that helps non-Russell Group students into the legal profession.
Despite the plethora of initiatives seeking to solve social mobility in the legal profession, the underlying statistics remain unpromising. According to the Solicitors Regulation Authority (SRA), 22% of all lawyers attend a fee-paying school compared to just 7.5% of the general population. While lawyers from a lower-socioeconomic background make up just 17% of the workforce, contrasted to 39% of the national population. Continue reading “Social mobility: An invisible problem”
Legal Business 100 2023: Stuck records
Overview: Here comes the rain again
Our 2023 Legal Business 100 report finds law firm leaders in unusually pensive mood with the inevitable end to the transactional bull run. How will firms adapt to having to change the record?
The LB100 main table
Key financials of the top 100 firms
The LB100 partner earnings table
The LB100 core stats
The second 25: Riders of the storm
After an uncharacteristically muted performance last year, the LB100’s longstanding pacesetters – firms in the 26-50 quartile – find that lightning can strike twice. What will it take for the group to rebound?
The second 50 – City and boutique: London falling?
A diverse mix of specialist boutiques and full-service firms, the London mid-market players are struggling to prove which strategy works in competitive conditions
The second 50 – Regional view: Coming together
Consolidation is rife among regional and national firms occupying the second half of the LB100. A sign of things to come?
Firm profiles
Firm profile Eversheds Sutherland: ‘Beyond the soundbites’
Firm profile Womble Bond Dickinson: ‘Joining the dots’
gunnercooke: ‘Cooking up a storm?’
Endnotes
Methodology and notes
LB100: Methodology and notes
LB100 LAW FIRMS
The firms that appear in the Legal Business 100 (LB100) are the top 100 law firms in the UK (usually LLP partnerships but also some alternative business structures), ranked by gross fee income generated over the financial year 2022/23 – usually 1 May 2022 to 30 April 2023. We call these the 2023 results. Where firms have identical fee incomes, the firms are ranked according to highest profit per equity partner (PEP). Continue reading “LB100: Methodology and notes”
LB100: Partner earnings table
LB100 – The second 50 – Regional view: Coming together
The 26 regional and national firms occupying the 51-100 places in this year’s LB100 come in with an average of 269 lawyers and 33 equity partners, a slight increase on last year. Average revenue increased 5% to £57.5m, three percentage points below the growth rate of the LB100 as a whole. This mirrors last year, where average revenue only increased by 4%, a departure from the 11% and 13% growth rates seen in 2020 and 2021 respectively.
More significantly, our 2023 report also sees a sharp decline in profit per equity (PEP) by 14% to £345,000, in a stark contrast to the 14% growth rate last year and a much heavier dip than that experienced by the LB100 at large. Continue reading “LB100 – The second 50 – Regional view: Coming together”
LB100 – The second 50 – City and boutique: London falling?
This year, 24 London-headquartered and boutique firms can be found in the second half of the LB100, experiencing an average revenue of £57.3m from last year’s £53.4m. This 7% increase almost matches the average revenue growth experienced by the firms across the entire LB100.
Taking a closer look at the breakdowns of the group’s performance tells us that in FY22/23, the average number of lawyers among the City and boutique firms is up by 16% from last year to 207 from 179. However, profit per lawyer for the group is up 4% to reach 2021 levels at £85,000. Continue reading “LB100 – The second 50 – City and boutique: London falling?”
LB100 – The second 25: Riders of the storm
It has been another muted performance from the second 25, typically the strongest-performing group in the LB100 historically. Average revenue may be up 8% to £180.4m – in line with the LB100 as a whole – but revenue per lawyer (RPL) stayed flat at £289,000. Profit per lawyer (PPL) barely moved at £74,000 and neither did profit per equity partner (PEP), which more or less held steady at £629,000.
However, this performance is broadly in line with the other two groups in the LB100, where average RPL, PPL and PEP have barely moved either way. Continue reading “LB100 – The second 25: Riders of the storm”
LB100: Core stats
LB100 – firm profile – Eversheds Sutherland: Beyond the soundbites
Having achieved a steady rise in revenue over the past five years, can Eversheds Sutherland maintain its place in the top ten of the LB100?
‘I can’t think of a soundbite for the firm,’ dismisses one finance head at a peer firm when canvassed for his view on Eversheds Sutherland’s place in the market. Continue reading “LB100 – firm profile – Eversheds Sutherland: Beyond the soundbites”
LB100 – firm profile – Womble Bond Dickinson: Joining the dots
With mergers and performance across the pond enduringly hot topics in this year’s LB100 report, LB checked in with Womble Bond Dickinson to see how the firm has performed since it became a transatlantic law firm, and how its strategy looks after its tie-up talks with BDB Pitmans fell through
‘They were the right discussions to have,’ says Womble Bond Dickinson (WBD) managing partner Paul Stewart (pictured) of the talks with Pitmans. ‘But law firm mergers are not easy things to do. I wouldn’t rule anything out, but there’s certainly nothing I would talk about at the moment in terms of that kind of transactional activity.’ Continue reading “LB100 – firm profile – Womble Bond Dickinson: Joining the dots”