UK firms in New York have had disappointing years.
Clifford Chance, which is still digesting its mass lateral hire of 17 Brobeck Phleger & Harrison partners, is expecting flat revenue figures on last year’s number of £240m.
Although Linklaters’ figures show the greatest worldwide growth this year, it lags behind its UK rivals in New York, with only seven partners and an estimated £10m turnover.
Linklaters’ fortunes contrast with those of Allen & Overy (A&O), which has seen its New York turnover rise by 21 per cent, from £21m to £25.5m. Revenues in the firmwide US group rose an astonishing 31 per cent, from £33m to £44m.
New York managing partner Mark Welling told The Lawyer: “The majority of the growth in New York has come from the consolidation of the corporate practice. If you look at New York, we’ve got the skeleton now, and some of it’s got flesh on it.”
However, A&O’s heavy investment in its New York growth has not yet translated into profit.
“As our finance director says, the difference between an investment and a loss is whether you’ve planned it,” said Welling. “And it’s all going to plan.”