The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Denton Wilde Sapte’s financial results revealed a sluggish performance compared with its large City peers', as revenue grew by a disappointing 6 per cent to £164.4m.
Last year’s restructuring of the financial institutions practice failed to turn around the fate of the underperforming department, which also posted around 6 per cent growth.
Dentons chief executive officer Howard Morris said: “That we saw growth at all would set us aside from other firms’ banking teams.”
A 16 per cent growth in revenues across Dentons’ international offices, which accounted for a quarter of total revenue, helped profit per equity partner (PEP) grow by 12 per cent to £470,000, ahead of the £450,000 budget.
This was in contrast to the performance of silver circle firm Herbert Smith, where a strong year for its finance and litigation departments saw total revenue climb by 25 per cent to £418m and PEP push past £1m.
Norton Rose has posted the highest rate of growth so far, with revenue boosted by 27 per cent to £297m, driven by a wave of AIM flotations in the corporate department.
Ashurst posted 17 per cent growth to £323m and Simmons & Simmons grew by 16 per cent and is expected to break through the £600,000 PEP barrier. Lovells’ revenue growth was slower, rising by 13 per cent to £479m.
For more on the financial results at all the top firms as they come in, see our Top of the PEPs 2008 blog here