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.
Howard Kennedy is set to axe up to 50 jobs, including 20 fee-earning roles, as the firm seeks to stave off the full impact of the credit crunch.
As first reported on The Lawyer.com (20 June), the West End firm has opened a 30-day consultation with all staff as part of a firmwide strategic review.
Property partner Paul Springall said: “The credit crunch is upon us and we have to review our entire business to be able to adapt.”
Howard Kennedy posted a turnover of £41m for the 2006-07 financial year and an average profit per equity partner figure of £630,000 – with only 17 of the firm’s 75-member partnership being full equity partners.
The firm said it would top £41m for the 2007-08 financial year, but would need to conduct a review to propel growth in the coming year.
Head of litigation Craig Emden said: “Tough decisions need to be made now to stop potentially more losses at a later date.”