The London offices of US law firms are failing to keep pace with the growth of their US colleagues.
The Lawyer can reveal that while many US firms have recorded double-digit global revenue growth, their London practices have been stymied by the market malaise that is also continuing to hamper recovery by UK law firms.
At the six-month mark, nearly all UK firms are showing either flat revenues or a decline in gross, compared with the previous period.
It is understood that during the six months to October, Clifford Chance has seen revenues inch to a mere £420m. Sources state that in October last year the firm announced to partners that it expected the top of lockstep for 2003-04 to reach £625,000, signalling a 15 per cent decline on the previous year.
The majority of UK firms recorded a flat six months, although Allen & Overy and Lovells saw gross revenues increase by 1 per cent and 4 per cent respectively.
Compared with the US, though, where increases of at least 10 per cent were common for 2003, London is still playing catch-up.
|UK half-year results|
|Law Firm||UK rev (£m)||UK rev per partner (£K)||UK rev per lawyer (£K)||UK partners||UK lawyers|
|Allen & Overy||302||694.253||161.930||435||1865|
|US full-year results 2003|
|Law Firm||UK rev (global rev) (£m)||UK rev per partner (£K)||UK rev per lawyer (£K)||UK partners||UK lawyers|
|Mayer Brown||81.5 (438)||0.8||287||99||284|
|Weil Gotshal||49.8 (465)||2.0||498||25||100|
|Skadden Arps||41.0 (824)||2.7||554||15||74|
|Sidley Austin||36.9 (547)||1.3||388||28||95|
|Dewey Ballantine||19.1 (215)||1.5||490||13||39|
|Source: The Lawyer|