‘Investments have come home’: City branches stand out in big year for US players

‘Investments have come home’: City branches stand out in big year for US players

Marco Cillario finds City offices outpacing worldwide growth at many Global London firms

2017 was a boom year for many of the London outposts of US law firms, with several convincingly outpacing their firm’s global performance financially and two passing the $300m mark. And it was not just a frenetic private equity market that boosted the London coffers: many UK teams also picked up headline mandates in areas including disputes and financial restructuring.

White & Case remains the highest-grossing US firm in London thanks to a 13% hike to its top line to $328m in 2017 – a faster growth than its 10% global revenue rise to $1.8bn. Continue reading “‘Investments have come home’: City branches stand out in big year for US players”

A Tale of Two Citys – a growing divide emerges as the US elite storms ahead in London

A Tale of Two Citys – a growing divide emerges as the US elite storms ahead in London

A surging private equity market, the City’s first $10m lateral and two law firms passing the $3bn mark. At first glance, 2017 looks to have been another boom year for international players in London. Neither did it hurt that City practices in a significant number of cases outpaced firm-wide revenue growth at many prominent US brands, including Latham & Watkins, White & Case, Paul Hastings, Sidley Austin, Cooley and Milbank, Tweed, Hadley & McCloy.

Tragically for legal reporters, the story is a little more nuanced as a whole. Lawyer numbers at the 50 firms that make up our Global London table certainly reached new heights in 2017 at 6,212 but are up overall by a steady rather than spectacular 3%. Continue reading “A Tale of Two Citys – a growing divide emerges as the US elite storms ahead in London”

Reborn supremacy – inside the unlikely White & Case revolution

Reborn supremacy – inside the unlikely White & Case revolution

‘Stick that in your pipe and smoke it!’ exclaims Oliver Brettle, White & Case’s London executive partner, before getting up and heading for the door.

Given an amicable discussion of the considerable recent growth of White & Case’s City arm, the reaction to a question about the firm’s disputes practice seems a little abrupt. Continue reading “Reborn supremacy – inside the unlikely White & Case revolution”

Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?

Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?

Latham & Watkins has become the first law firm ever to report revenues over $3bn with the Los Angeles-bred firm adding nearly $250m to its top line.

The US giant today (22 February) confirmed financial results for the 2017 year, showing an 8.5% hike in revenues to $3.06bn, against $2.82m the previous year. Profit per equity partner (PEP) shifted up 6% to $3.24m, arguably sealing its status as the most potent global law firm, underwritten by credible transactional and disputes coverage spanning the US and Europe. Revenue per lawyer grew at a modest 1.5% pace to $1.26m while the firm increased its headcount 6.9% to 2,436 lawyers. Continue reading “Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?”

Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits

Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits

Anecdotally, in-house budgets are being scrutinised like never before, and law firm billing is starting to catch the attention of chief financial officers.

As almost any general counsel (GC) will tell you, legal teams are coming under sustained pressure to introduce metrics and benchmarks, along with more robust financial management and project management tools, to help demonstrate their grasp on value. In short, procurement methodologies are now being applied to legal services. Continue reading “Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits”

Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?

Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?

The chart below illustrates the overall key performance indicator (KPI) scores as defined by the Client Intelligence Report (www.clientintelligencereport.com), for 30 of the largest law firms in the world by size.

The overall KPI ratings show US firms are significantly outperforming their UK counterparts when it comes to client reviews. Of the 15 firms listed here, all but four exceed the average, while only one solely UK-headquartered firm hit comparable scores. Continue reading “Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?”