As next month’s Business Leadership Summit and Awards draw nearer one of the topics that will be up for debate is already stoking the fires on www.thelawyer.com’s comments board.
Today’s Business Leadership mailout features a very welcome guest columnist in the shape of Bruce MacEwen, president of Adam Smith, Esq and one of the global legal market’s most respected commentators
In a market where many firms are posting double digit rises in revenue, there doesn’t appear to be much of a problem when it comes to pricing. But don’t be so sure.
Among the wealth of content at this September’s Business Leadership Summit currently filed under the heading “don’t miss”, few will be more pertinent to many people than the session on new career paths in the legal market.
On Tuesday this week I had the immense pleasure of spending the day with around a dozen of the UK’s leading in-house lawyers. The reason? To thrash out and forensically analyse and pick apart the entries for this September’s Business Leadership awards and, ultimately, come up with not only the shortlist but also the winners.
Last week Brodies announced its fifth consecutive year of growth with turnover increasing 11 per cent to £57.9m and profit up 14 per cent to £27.1m, but despite these positive results the firm’s costs also soared.
On Wednesday (8 July) Freshfields Bruckhaus Deringer became the final magic circle firm to reveal 2014/15 financials. So what have we learned about the economic health of the top tier?
After years of chasing its rivals, Allen & Overy (A&O) has displaced Linklaters as – for the time being – as the second-largest magic circle firm.
The Fairpoint Group has seen its turnover rise 64 per cent for the first six months of the current financial year, largely due to its acquisition of Simpson Millar and Foster & Partners last year.
PwC Legal, PricewaterhouseCoopers’ law firm, has pushed up revenue by 15 per cent in the last year with turnover of £41m for the financial year ending 30 June 2015.
Slater & Gordon has announced that group revenue has soared 27 per cent from A$411.1m to A$521.9m (£242.9m) for the 2014/15 financial year.
CMS’s UK arm has saved around €100m (£72m) partly as a result of its move last month to new state-of-the-art headquarters at Cannon Place along with its business services deal with outsourced service provider Integreon.
Baker & McKenzie has posted a 4 per cent drop from $2.54bn to $2.43bn in global turnover for the 2014/15 financial year, following record figures that made it the largest firm in the world by revenue.