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FRS5 and the Clementi Review have forced law firms to reassess their financial management. But some still have their heads stuck in the sand. By Matt Byrne
At the risk of sounding gung ho, this year's Global 100 is a reason for celebration among the UK's largest law firms. Fourteen make it on to the global leader board. Together they contribute £5.467bn, 18 per cent of the total revenue of £29.489bn.
That figure doesn't even include the likes of Jones Day, Mayer Brown Rowe & Maw and Dechert. When they're factored in, the UK presence within the Global 100 is even greater.
And while there's no hiding the fact that the US firms beat the UK hands down when it comes to profits, the Global 100 research suggests that the firms on this side of the Atlantic are better at boosting margins from lower revenues. The Lawyer's editor Catrin Griffiths explains all in her overview starting on page 4.
Elsewhere, Steve Hoare highlights the biggest movers, both up and down, in this year's table, while Joanne O' Connor considers the fate of the transatlantic merged firms.
There's another reason to be upbeat from this year's book, though it's slightly closer to home. This is the first time The Lawyer Global 100 has been produced jointly by The Lawyer and The American Lawyer. The transatlantic research draws upon the groundbreaking analysis of the Continent's largest firms, which appeared, also for the first time, in this year's The Lawyer Euro 100. The stark truth is that only two Continental firms - Loyens & Loeff and KPMG Fidal - make it on to the global leaders' list, though if you're an Aussie you'll probably be buoyed by your country's third-place position as a global exporter of legal services. It's tempting to say good on ya, but we'll resist it.
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