Global London top 50
‘Heavy hangs the crown – Can Latham remain the global firm to beat?’
White & Case’s City revenue fell almost 4% over the last financial year following a ‘challenging’ start to 2019, while growth in global turnover also slowed.
London revenue last year dropped to $337m from $350m after a blistering 2018 on the back of a dynamic lateral hiring spree. Continue reading “A year of two halves for White & Case as City revenue drops after tricky start to 2019”
Disputes heavyweight Quinn Emanuel Urquhart & Sullivan has continued its impressive growth in the City, with revenue at the firm’s London office increasing 20% to £100.6m.
The US-bred firm also saw profits rise 11% to £67.2m, putting the office’s profit margin at 66.7%. The results cement Quinn’s place as ‘unquestionably the market leader in litigation-only practices in London,’ according to senior partner of the London office Richard East. Continue reading “Quinn breaks £100m City revenue barrier as King & Spalding hikes London revenue 15%”
Morrison & Foerster (MoFo)’s City revenue has lifted 25% for a third consecutive year, outpacing a strong global showing and kicking off US reporting season with a showing of expansive City growth.
The firm’s revenue increase to £38.6m comes amid a 10% global increase in the last fiscal year, from $1.04bn to $1.15bn. Meanwhile, revenue per lawyer grew 4% and profit per partner grew 5% to the highest levels in the firm’s history at just over $2m. Continue reading “MoFo ups City revenue an impressive 25% as US reporting season begins”
There was never any doubt that 2018 would prove another good year for US law firms in London coming off what has been a great decade for the breed. But it is only when you start to pull together the numbers that you realise how fast the City legal market is shifting in favour of American entrants. Legal Business has a reputation for being bullish on US firms in London. These numbers indicate that we haven’t been bullish enough. There are now more than 7,000 lawyers working in the London offices of the top 50 largest practices in London. Even stripping out the impact of including the legacy Berwin Leighton Paisner’s City practice, that’s an annual increase of 7%, a startling growth rate and one that is actually accelerating even as many expected investment in London to slow in the face of the UK’s looming exit from the EU. Continue reading “Comment: US firms in London – ‘We haven’t been bullish enough!’”
Striking numbers abound in this year’s Global London table, if you are into that kind of thing. The three pace-setting US brands in London – Latham & Watkins, Kirkland & Ellis and White & Case – are all generating in the $300m region in the Square Mile, last year saw the first $10m lateral and my back-of-the-envelope scribbling indicates that the top 50 US firms are pulling in around $5bn in the UK.
The market is increasingly now defined by this trio, predictably so in the case of Latham, though City lawyers are still trying to get their heads around the idea of Kirkland and White & Case as mounting a frontal challenge. A few years ago, I’d have been equally sceptical, particularly in the latter’s case, but if there is a glaring hole in the game plan of these two outfits, they are hiding it well. With all three making ground in mainstream transactional work through 2017 and securing significant hires – the idea that certain kinds of M&A will remain the preserve of City advisers over the next three years looks fanciful. Continue reading “Global London comment: Brexit looms but the $20m partner is coming”
The vultures have been circling. Partner hires hit new heights among the 50 firms that comprise our Global London table this year, but overall the City’s US shops have remained steady after a period that saw the UK economy rocked by last year’s Brexit vote and the legal market witness its largest European firm collapse.