The Lawyer has reported that firms had been slow in reporting their financial results from 2011-12 with an average of 7% growth.
| Law Firm | Turnover 2011-12 £m | Turnover 2010-11 £m |
| Addleshaw Goddard | 170 | 161.9 |
| Ashurst | 322 | 303 |
| Berwin Leighton Paisner | 246 | 228.4 |
| Bird & Bird | 235 | 214.6 |
| CMS Cameron McKenna | 227.6 | 227.6 |
| DAC Beachcrof | 163.2 | 0 |
| Dickinson Dees | 46.1 | 45.5 |
| DWF | 102 | 83 |
| Eversheds | 366 | 355 |
| Harbottle & Lewis | 18.9 | 17.5 |
| Herbert Smith | 480 | 465.1 |
| Kemp Little | 8.9 | 7.7 |
| Nabarro | 113.4 | 112.6 |
| Taylor Wessing | 206 | 192.3 |
| Wragge & Co | 118.2 | 113.1 |
The Law Gazette revealed that while the top-ranking law firms to publish annual financial results for 2011/12 have reported average growth in profit per equity partner (PEP) of 8%, this figure masks wide variations in trading performance which have also been complicated by merger activity.
A survey by accountancy network BDO has revealed some interesting figures about firm mergers. There is a much higher chance of merger among mid-sized law firms than small practices in the coming year but the well of good merger partners is far from bottomless. Startlingly, almost one third of UK lawyers expect their firm to merge within the next 12 months, with that number rising to almost 60 per cent if the timeline is stretched to the next three years.
The most interesting articles on developments, compliance and the business of law:
- Lawyers told to invest in ‘great ideas, not spreadsheets’ | Solicitors Journal: http://t.co/aNArhtNT
- Claims managers get the blame for PI spike | Law gazette http://t.co/jgB18DCw
- Cost of practising as a solicitor to rise well above inflation | Law gazette http://t.co/5tm9n5g2
- Will-writer becomes ABS to handle reserved work and plumps for CLC regulation | Legal Futures http://t.co/nBduHvMk
- SRA: nearly half of firms began COLPs and COFAs process in first month | Legal Futures http://t.co/BplcP4ok
- Senior lawyers: making sure the face fits | Law Gazette http://t.co/CexfngHV
- SRA rule change will increase choice but harm consumer | Law Gazette http://t.co/45zLjJpF
- Society plans accreditation scheme for will-writing | Law Gazette http://t.co/ukmgpPeW
- Company markets 'first criminal legal insurance policy' | Law Gazette http://t.co/PkRgQyqR
- “White British” dominate judicial appointments, annual report reveals | The Firm http://t.co/pJbVCRDT
- Lack of understanding about the judiciary is unacceptable and dangerous | Guardian Law http://t.co/gSmWkCi0
- A reminder of the importance of accurate costs estimates | New Law Journal http://t.co/lboYKkhY
- Legal apprenticeships: in for a scrap | Alex Aldridge http://t.co/tteGpPkr
- How can UK firms attract work from the American companies? | New Law Journal http://t.co/FwzhGh6o
- Indian call for legal liberalisation | Law Gazette http://t.co/Svu3Toej
- Who owns your departing fee-earner's LinkedIn contacts? New guidance warns firms to plan ahead | Legal Futures http://t.co/vNSGhtlb
- A lawyer should run Barclays | Law Gazette http://t.co/N3LawSE1
- SRA mulls dropping requirement on solicitors to refer clients to IFAs | Legal Futures http://t.co/oTlWyzZu
- SRA grants waivers to three ABSs and warns applicants over timetable for approval | Legal Futures http://t.co/2orKGHtN
News from the Law Firms:
Saturday 7th July
- Chicago based US law firm Fisher & Lamonica identified a lawyer and his wife as the victims of a suburban freight train derailment that collapsed a railroad bridge http://t.co/4JGPPgau
Friday 6th July
- Outsourcing boutique Radiant Law has advised alongside Eversheds on the multimillion-pound launch of four new UK data centres for BSkyB | Legalweek http://t.co/YgzqnoHZ
- Norton Rose's tie-up with Canada’s Macleod Dixon has handed the firm a lead role on the $5.4bn (£3.5bn) acquisition of Canadian gas exploration company Progress Energy Resources by Malaysia’s Petronas | Legalweek http://t.co/TUkFmdZf
- Skadden take lead legal role on News Corp plan to split business | Legalweek http://t.co/DK4zUdUP
- Simmons and Hogan Lovells advise on £1.24bn sale of Veolia UK water business | Legalweek http://t.co/Wp8oynt8
- Bakers management reshuffle sees London partner take top M&A role | Legalweek http://t.co/LvCLXBRq
- Linklaters partner joins hedge fund manager Winton Capital as first-ever head of legal | Legalweek http://t.co/iYyTJRzb
- Linklaters and Freshfields post steady financials after turbulent year | Legalweek http://t.co/uhPvu0kr
- Former Freshfields Barrister Wonders If Your Biglaw Job Is Making You Sick http://t.co/7sTRXJ0a
- Freshfields and Linklaters dampen magic circle celebrations http://t.co/qCUmsxXZ
- Linklaters partner takes top legal role at hedge fund Winton Capital | The Lawyer: http://t.co/GSGpZbqv
- Addleshaws and Burges Salmon each score points as CAT rules in Cardiff bus wars case | The Lawyer: http://t.co/fSo6mRmw
- Lewis Silkin and Osborne Clarke lead as Publicis buys out Levi Strauss's ad agency | The Lawyer: http://t.co/qob4UEMN
- Freshfields and Links reveal figures to confirm CC's magic circle lead | The Lawyer: http://t.co/v8Qtzh2i
- Macfarlanes breaks back through £100m barrier as turnover jumps 8 per cent | The Lawyer: http://t.co/CyAVhCeh
Thursday 5th July
- Public sector squeeze hits Field Fisher's 2011-12 PEP | The Lawyer: http://t.co/z7iV9XeK
- Cobbetts revamps management around three core practices | The Lawyer: http://t.co/CJNAmjGz
- DWF loses Newcastle head Flynn in wake of Crutes deal | The Lawyer: http://t.co/S6lGXfks
- Clyde & Co posts stellar growth thanks to BLG deal | The Lawyer: http://t.co/VKI8ixRZ
- Cleary and Linklaters advise on $3.2bn Malaysia listing | Legalweek http://t.co/kzH2GqaA
- Ashurst adds partner to London restructuring team with CMS hire | Legalweek http://t.co/LQGqHsDs
- Post-merger turnover at Clydes leaps 36% to hit £287m | Legalweek http://t.co/2PfOUGwp
- Blackstone silk triumphs against Mulcaire in ongoing phone-hacking case | The Lawyer: http://t.co/UXhmMPS4
- Veale Wasbrough in merger talks with Hewitsons | The Lawyer: http://t.co/GQdEsnpE
- Ashurst, DLA Piper, Eversheds celebrate Shard opening | The Lawyer: http://t.co/ns3f43Bi
- Deutsche Bank legal officer joins ThyssenKrupp to kickstart department restructure | The Lawyer: http://t.co/8pNtIhaq
- Freshfields defeated as HTC wins patent victory over Apple | The Lawyer: http://t.co/HFhSADuJ
- King & Spalding beefs up in London with hire of Mayer Brown's Charnley | The Lawyer: http://t.co/9z4vAnB7
- McGrigors merger pushes Pinsents' turnover to £295m for 2011-12 | The Lawyer: http://t.co/UXxe4Ym6
- Manches returns to traditional law firm model as CEO prepares for exit | The Lawyer: http://t.co/Y5CvdKnS
Wednesday 4th July
- SJB recruits partners in Frankfurt and Madrid | Legalweek http://t.co/4enJkTAN
- Covington leads as GlaxoSmithKline receives record $3bn fine | Legalweek http://t.co/kesah0Vj
- Herbert Smith sets September date for US launch as firm finalises new hires- Legalweek http://t.co/4UxS3ZzI
- CC sees headline financials rise 7% as revenues reach £1.3bn | Legalweek http://t.co/9r4qByLp
- Freshfields probe into OUP ends with £1.9m bribery fine | The Lawyer: http://t.co/i373r0Ps
- Ashurst holds profits steady as revenue rises 6 per cent | The Lawyer: http://t.co/nEDHnpfw
- Latham and Davis Polk net lead roles on Manchester United's US float | Legalweek http://t.co/9n1mAwYK
- Ashurst confirms 3% partner profits increase to £744,000 | Legalweek http://t.co/aWJhMGsT
- Countrywide Conveyancing Services wins ‘Conveyancing Business Leader’ at the British Mortgage Awards 2012 http://t.co/bzs5mpGB
- Clifford Chance: US is still on the agenda | The Lawyer: http://t.co/HfykNQwf
- Simmons revenues inch up to £250m as profits jump 15 per cent | The Lawyer: http://t.co/fUDyvUzl
- Bakers boosts banking with Freshfields hire | The Lawyer: http://t.co/elKsbDzP
- Latham, Davis Polk scoop Manchester United New York listing | The Lawyer: http://t.co/iQqXqM1i
Tuesday 3rd July
- A&O profits steady as magic circle reporting week kicks off | Law Gazette http://t.co/7tnUbhib
- Herbert Smith prepares for September launch in NYC | The Lawyer: http://t.co/OSG4PCBS
- Simmons bolsters capital markets team with double hire from Linklaters | The Lawyer: http://t.co/d9GGaGmG
- Allen & Overy becomes first magic circle firm to unveil financials, posting 6 % growth | The Lawyer: http://t.co/yYlou6b9
- Clifford Chance posts turnover hike on back of strong Asia-Pacific growth | The Lawyer: http://t.co/hssUNzas
- Magic circle firm Clifford Chance says it has defied market uncertainty to post a ‘strong performance’ for the last financial year | Law Gazette http://t.co/xKK5WR3T
- The chief executive of Birmingham set St Philips Chambers, Chris Owen, has resigned as the set launches a review of its management and administration | The Lawyer: http://t.co/EyU3Gpmt
- Marks & Clerk seals victory for Czech brewer in long-running 'Bud Wars' dispute | The Lawyer: http://t.co/OSYCSvyU
- Ashurst finance partner defects to Paul Hastings' City arm | The Lawyer: http://t.co/dzcXnpEo
Monday 2nd July
- Simpson Thacher Hong Kong partner arrested for drink driving | The Lawyer: http://t.co/XGHASR7B
- SJ Berwin partners gear up to vote on new remuneration system | The Lawyer: http://t.co/ub2s7nFM
- Regional-merger trend continues as Attwaters and Jameson & Hill tie the knot | The Lawyer: http://t.co/kEQqIcmM
- Freshfields joins New York trio on AB InBev's $20bn Modelo acquisition | Legalweek http://t.co/lAaMSdfY
- Clyde & Co raids Linklaters ally Allens Arthur Robinson for Australia launch | The Lawyer: http://t.co/m0wkbeQZ
- Legal eagles at Leicestershire Law Firm Marrons overjoyed at good ranking; the firm has been named the highest-ranking company of its kind outside London http://t.co/f7vcuvay
We would like to thank all the publications cited in this week's 'Law firm news'. Direct links to the law firms have been included where firms had been mentioned. Please notify via @SundayLawReview Twitter handle of any errors or omissions.
