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.
Partner headcount in the top 30 international firms in London has increased by around 25 per cent since the credit crisis in 2008, while turnover has increased by an average of 8 per cent.
The research, which compares results from The Lawyer’s annual top 30 international firms in London table from 2008 and 2012 (focus, 22 April 2013), underlines the rapid expansion of US firms in London since the economic downturn, with many firms making big investments via the lateral hiring market but not necessarily seeing a sizeable increase in UK turnover.
Of the top 10 firms by revenue, the London offices of Latham & Watkins and Kirkland & Ellis have seen the biggest increase in partner numbers in the last five years. The number of partners at Latham increased 33 per cent, from 39 to 52. At Kirkland & Ellis partner numbers increased 70 per cent, from 27 to 46, with turnover growing 40 per cent to $122.8m during the same time period.
However sources interviewed by The Lawyer claim that various US firms have turned to the ‘male-dominated’ lateral hiring market as a way to bulk up in the City, subsequently struggling to get a diverse pool of candidates for the top jobs.
Of The Lawyer’s top 30 international firms in London listing this year, all but seven saw their UK revenues rise in 2012, with 27 firms also featuring in last year’s list. This marks a turnaround in fortunes from 2009, when 21 of the top 30 firms saw year-on-year falls in UK fee income.