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.
Fried Frank Harris Shriver & Jacobson has announced its financial results for the 2007-08 year.
Figures for Fried Frank's fiscal year, which unusually for a US firm closes at the end of February, show a 14 per cent increase in gross revenue to $537.4m (£268.6m) and a 5 per cent rise in average profit per equity partner (PEP), to $1.6m (£800,000).
Net profit grew 10.3 per cent to $227.3m (£113.6m) while the number of lawyers (on a full time equivalent basis) grew 12.5 per cent to 602.
Fried Frank's co-managing partner Justin Spendlove said the relatively small growth in PEP was primarily a result of the firm's heavy investment overseas, particularly in its new Hong Kong and Shanghai offices it launched late in 2006.
"Activity in our core business remained at a high pace throughout the year but by any standards we made a substantial investment in Hong Kong and Shanghai," said Spendlove. "To increase both our revenue and profits, as we have in these circumstances is, we believe, a very strong performance."
In September 2006, Fried Frank raided the China practice of Simmons & Simmons to launch its first operations in the region. Three months later the firm launched a second raid on Simmons to launch its office in Hong Kong.
The firm now has 46 lawyers across the two offices, 40 in Hong Kong and around half a dozen in Shanghai.