SIDLEY Austin is nothing if not consistent. For the third year in a row the US outfit ranked ninth in the highest-grossing firms in the world. Although 2005’s turnover increased by an underwhelming 9 per cent on the previous year’s results, Sidley is safely within the bounds of 11 elite firms that can boast more than $1bn (£549.45bn) in turnover.

On its home patch Sidley performed solidly. Its corporate group claimed more primary relationships and client recommendations from Fortune 1,000 clients than any US firm, while in finance it secured the top spot for all US debt and equity deals, with $174bn (£95.6bn) worth in the first half of 2006.

Its debt and equity offering was just as strong in Europe, where on the issuer side it led on 108 deals worth a total $91.8bn (£50.4bn), giving it a 2.9 per cent market share.

There were some key lateral hires in Europe. In February the firm launched its insurance and restructuring practice with a raid on DLA Piper, taking its practice head Nigel Montgomery and three associates.

In Hong Kong Sidley had a stellar year. Although the firm has offices in Shanghai and Beijing, with one partner apiece, Sidley’s real heft is in Hong Kong, where it has 11 partners, including dual-qualified rainmaker Constance Choy and 32 other fee-earners.

Sidley has surfed the local IPO wave, advising on more flotations than any other firm. Crucially it managed to instruct both issuers and underwriters in equal measure, advising seven company listings and representing the underwriters on seven IPOs.

Elsewhere Sidley received a slap on the wrist in the form of a $9m (£4.94m) settlement with the US Department of Justice for its role with KPMG in advising on abusive tax shelters, but that was preferable to continuing with the $225m (£123.6m) class action.