The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
US firm Bryan Cave’s 2004 revenues have dropped slightly on its record 2003 but firm chairman Don Lents has claimed the year was a success as 2003’s figures included a massive contingency fee.
Gross revenue for 2004 was $374m down 2.6 per cent from $384m in 2003. Profits per equity partner fell from $600,000 in 2003 to $524,000 in 2004.
“Last year we expanded with a steady rise in revenues – recognising that in 2003 we had the contingency fees,” Lents told The Lawyer.
Profitability had rocketed 35 per cent the previous year due to the $23m success fee the firm received from Biomedical Systems after the firm won a contract dispute against GE Medical Systems. That alone accounted for about an extra $100,000 on the firm’s PEP figure.
The firm recently re-recruited senator Jack Danforth to the partnership after a spell as the US ambassador to the United Nations. His practice will focus on corporate compliance and defence, public policy, regulation and legislation.
Danforth’s return to the partnership has followed a string of lateral partner hires across the globe. David Liu joined the firm in Shanghai from Sidley Austin Brown & Wood. Robert Rawn moved to the firm’s New York office from Pillsbury Winthrop. Donald Figiulo joined the firm’s Chicago office.