Revenue from Dentons’ continental European practice grew 21% to €288m in 2017, as the firm recorded growth in all but one of its offices in the region.
In a year in which it completed its expansion into ‘initial priority markets’ on the continent by entering The Netherlands and hired 51 partners, the LLP – which includes the legacy Salans business – also grew net profit 20% to €95m. The figures were reported on a cash basis, but the firm said it recorded a similar growth in accrual terms. Continue reading “‘Potential is still enormous’: Dentons European arm grows revenue 21% in 2017”
LB100 firms weather initial Brexit turbulence but good times remain a distant memory
Flattered by turbulent forex markets, the UK’s largest law firms outperformed smaller rivals in the Legal Business 100 (LB100), as the group weathered economic and political headwinds through 2016/17 to eke out an ultimately indifferent performance. Continue reading “The LB100: Forex flatters market leaders but most struggle to find their form in another tough year”
This year’s Legal Business 100 coincides with the most inauspicious of anniversaries after a year with the most inauspicious of beginnings. A decade since the start of the global financial crisis and just over a year since the result of the Brexit referendum, the perception is that political and economic uncertainty has ultimately had little impact on the performance of top 100 UK law firms. Particularly on those at the top.
The drama has been well documented. UK and European markets continued to show resilience, mainly aided by foreign investment, despite the last financial year starting off with six to eight weeks of post-referendum impact. By Christmas, transactional practices were upbeat and grew stronger into 2017. Then article 50 was triggered just before the end of the financial year and unease settled in again. Continue reading “Legal Business 100 overview: Your story”
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”
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”