The London office of Weil, Gotshal & Manges has seen a near 2% dip in revenue to $185m on the back of currency fluctuations, while global revenue grew a steady 4%.
The muted showing comes after a pace-setting 2018 which saw City revenue spike 15% to $188m. Continue reading “Weil’s City revenue suffers exchange woes as PEP breaks $4m amid muted global gains”
Herbert Smith Freehills (HSF) has increased profit and turnover, its latest LLP accounts reveal, while also bolstering its borrowing capacity and significantly reducing debt.
HSF increased revenue 6% to £447m in 2018/19 as operating profit at the Anglo-Australian giant increased 23% to £127.5m. The firm has also bolstered its borrowing capacity following the implementation of a new Revolving Credit Facility put in place in April 2019. Continue reading “HSF’s accounts show revenue hit £447m amid a 23% profit hike and a sharp fall in debt”
Operating profits at CMS Cameron McKenna Nabarro Olswang rose 20% to £192.8m after the firm restructured its Hong Kong and Turkish offices, the LLP accounts have revealed.
Norton Rose Fulbright (NRF) also filed its LLP books this week (31 January), showing a £2m decrease in revenue in its EMEA business to £480.7m following a move to the US calendar year-end in 2018. Continue reading “LLP: CMS lifts profit amid Hong Kong and Istanbul restructuring as year-end move dampens NRF’s turnover”
DLA Piper has increased profit at its international LLP for the fourth year running despite a sustained period of investing ‘tens of millions’ of pounds in office moves, refurbishments and IT systems.
A strong year for its European offices – and the implementation of new accounting standards – simultaneously saw revenue lift 18.5% to £1.09bn, although on an underlying basis it climbed about 7%, slightly up on last year’s 5% increase. Continue reading “DLA cracks £1bn international revenue after pumping ‘tens of millions’ into offices and IT”
The 12 members of Linklaters’ executive committee and senior partner Charlie Jacobs saw a 17% pay increase to more than £25m last year, the firm’s LLP accounts show.
Published this week (4 November), the accounts also revealed double-digit revenue growth in the firm’s non-European offices in the year to April 2019. Asia Pacific turnover surged 15% to £226m, while its three American offices in Washington DC, New York and Sao Paulo billed £103m, 11% more than the previous year. Continue reading “Linklaters ExComm bag £25m amid surge in revenue from US and AsiaPac, LLP accounts reveal”
Profits at Hogan Lovells’ non-US business rose 11% to £281m last year as it slimmed down lawyer headcount by 37 in 2018, the firm’s LLP accounts have shown.
The accounts published today (2 October) show revenue from the firm’s offices in 21 countries outside the States grew 8% to £860m in the year to December 2018, up from £798m the previous year. Continue reading “Hogan Lovells’ International business slims down headcount amid 8% revenue growth”
With daily headlines reminding the City of the Brexit-induced crisis engulfing the UK, the Legal Business 100 (LB100) has shrugged off the pervasive uncertainty to post another year of robust growth.
Amid the increasing probability of the UK facing a wrenching ‘no-deal’ exit from the EU on the looming 31 October deadline, the LB100 results show the UK’s leading law firms driving collective revenues up 9% to £26.35bn. Continue reading “LB100 drives income up 9% to £26.35bn but fears mount of a chaotic no-deal as Brexit fallout spreads”
As Legal Business was unpacking the 2018/19 financial results of the UK’s top 100 law firms, the Office for National Statistics reported that Britain’s economy had shrunk for the first time since 2012. The 0.2% fall in output in the second quarter of 2019 was the latest in a series of ominous signs for a nation that appears, at the time of writing, on course for a cliff-edge exit from the European Union amid a chaotic political landscape and falling currency.
As Legal Business went to press, a row was raging over government moves to prorogue Parliament in the run-up to the 31 October deadline to exit the EU, threatening constitutional wrangles and a no-deal Brexit. A nation famed for exporting democracy, its strong institutions and a stable business environment is looking more Banana Republic than Britannia resurgent by the day. Continue reading “LB100 Overview: Apocalypse soon?”
On paper, an 11% jump in average revenue to £135.5m for the second 25 looks like a great leap forward from last year’s 5% increase to £122.6m, and this rate of growth compares favourably to the top quartile’s 9% hike to £830.7m. But as usual the figure must be taken with a pinch of salt.
Tempering excitement that the group is outstripping the top 25, Womble Bond Dickinson (WBD)’s transatlantic merger has inflated revenue and catapulted it into the top tier, squeezing out last year’s top-25 entrant Fieldfisher. Swapping WBD for Fieldfisher means that around £140m is artificially added to the £3.39bn total revenue of the group. Without it, average turnover would be around £130m – a more muted 6% increase. Continue reading “LB100 Second 25: A brooding gloom in sunshine”