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.
Herbert Smith has posted a 3 per cent increase in turnover and a 7 per cent drop in average profit per equity partner (PEP) for the 2011-12 financial year.
Revenue for the year rose to £480m, up from £465.1m last year, with equity partners enduring a fall in PEP from £900,000 in 2010-11 to £840,000.
The City firm’s net also profit decreased by 7 per cent, from £117.9m to £109.7m - its lowest level in five years, although turnover has reached a five-year peak.
PEP is also at a five-year trough, with the figure now 19 per cent down on the PEP of £1.036m in 2007-08, standing at its lowest level since its £820,000 figure in 2006-07.
The firm’s revenue grew by 3 per cent in 2010-11, with PEP up 4 per cent on the previous year.
The news comes amid a reshaping at the silver circle outfit, with the firm cutting 43.5 jobs in London (12 June 2012) as it enters advanced negotiations over a merger with Australia’s Freehills (21 June 2012).
It has also announced five support-staff redundancies in Dubai (22 May 2012).