Legal Business 100: The second 25 – Faster, pussycat

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Legal Business 100: The second 25 – Faster, pussycat

While the second quarter of the Legal Business 100 (LB100) has seen a 7% increase to £2.93bn in its combined revenue over 2016/17, the group has been impacted by further consolidation at the start of the calendar year, which will see around £230m stripped from this total in our 2018 report. This group is starting to feel the squeeze from those above and below in the LB100 – making it the most variable section of the top 100.

Over the last financial year the second 25 accounted for 13% of the LB100‘s combined revenue, with average turnover increasing 5% to £117m. Average revenue per lawyer saw a 7% leap to £272,000, while profits per equity partner (PEP) also increased by 2% to £495,000 (see ‘Core Stats‘). Continue reading “Legal Business 100: The second 25 – Faster, pussycat”

Legal Business 100: The second 50 – Eyes on the prize

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Legal Business 100: The second 50 – Eyes on the prize

As the debate over the future of London as a legal hub in a post-Brexit world rages on, London boutique firms and City practices that occupy the second half of the Legal Business 100 (LB100) have quietly got on with business.

While in 2015/16 this group of firms was arguably the strongest-performing in the LB100, Brexit – and its prevailing effect on the UK real estate market – has proven a stubborn opponent. As such, while collective performance is short of previous years, for the most part these London firms have battled through uncertainty to record stable results. Continue reading “Legal Business 100: The second 50 – Eyes on the prize”

Legal Business 100: The second 50 Regional view – After the bang

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Legal Business 100: The second 50 Regional view – After the bang

The strain of macroeconomic conditions on UK firms is starting to show, as the immediate impact of last year’s Brexit vote meant many firms experienced a slow summer and a dip in confidence that carried on for many until the end of 2016 and even into the new year with the triggering of article 50 in March.

This uncertainty is reflected in some individual and regional results for this year’s Legal Business 100 (LB100). However, overall figures look strong. There are 31 non-City firms in the 51-100 bracket, compared to 19 London firms, with a combined revenue of £1.26bn, up 11% on last year’s £1.14bn. The number of regional firms in the bottom 50 has increased by one: a new entrant comes in the form of Scots insurance litigation firm Digby Brown, which has total revenues of £27.3m, while national firm Thompsons has dropped a few places this year to enter the bottom half of the table.

Continue reading “Legal Business 100: The second 50 Regional view – After the bang”

The LB100 debate – All change

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The LB100 debate – All change

David Patient, Travers Smith

In the shadow of Brexit, a general election and an uncertain global economy, we assembled law firm leaders to debate the outlook for the leading UK law firms

Rarely, if ever, has a 12-month period seen such a dramatic change in the prospects, opportunities and risks facing leading law firms. As we assembled a group of law firm leaders at the end of April to mark our annual Legal Business 100 report, the turnaround since last summer in business, legal and political circles is remarkable. The period has been defined by the Brexit vote, sustained political upheaval and the shock US election of Donald Trump, to say nothing of a looming general election and Europe’s largest-ever legal collapse in the shape of King & Wood Mallesons’ local arm in January.

Continue reading “The LB100 debate – All change”