Allen & Overy was the first magic circle firm to reveal its half-year figures today and revenues have stood up well despite the turmoil that has engulfed many of the firm’s clients.
An 11 per cent rise in turnover is on the better side of average compared with the rest of the market and the firm has probably outperformed Clifford Chance and Freshfields, which have both been uncharacteristically coy about their results.
As can be seen in Monday’s edition of The Lawyer, most managing partners have been cautiously pleased with their results so far but as A&O managing partner Wim DeJonghe says, this looks like the quiet before the storm.
“I don’t think any industry will escape this,” says Dejonghe, grimly, “and I think we will be hit as well.”
See TheLawyer.com for Pinsent Masons and all the other of the half-year stories as they break – or use our new, free RSS feed to make sure you don’t miss out on the rest of the figures stories as they break (click here).
Oh, and have your heard about the shocking behaviour at Camerons?
View from the Summit
Things are kicking off in fine style in Berlin, as our first blog post from The Lawyer In-House Summit makes clear. Read it here.
One of the biggest legal conferences in Europe, this year’s summit is also a chance for us to take the temperature of the in-house profession and its response to the credit crunch – all of which we’ll be updating you in further posts shortly.
But as the first View from the Summit post explains, the crunch isn’t monopolising the conversation quite yet. Log on to read what lawyers are discussing instead and to find out who’s already not mentioning the war.
Meanwhile back in Blighty you might just have noticed that it’s half-year results time.
We’ve already broken the Addleshaws, Ashurst, Clyde & Co, Dentons, Lovells, Norton Rose, Simmons, Trowers and Wragges results stories, but sign up to our free, new and improved RSS feed to make sure you don’t miss out on the rest of the figures stories as they break (for details click here).
Yes we can (possibly)
The half-year financials are rolling in and a clear theme has emerged: change. Barack Obama would be proud. (We had to get him in somehow).
But it’s not all a change for the worse. Firms such as Ashurst, Clyde & Co and Norton Rose are breathing a sigh of relief. Simmons & Simmons also did OK, but less well than it hoped for.
The firms that are more exposed to the crunch-hit real estate market are struggling. Addleshaw Goddard and Nabarro are just about treading water while Wragge & Co experienced a dip. Unlike Trowers & Hamlins, which as we revealed yesterday, is doing well despite the problems faced by its rivals in the real estate elite.
There is only place to get the financial results as they happen – keep checking TheLawyer.com for the latest.
Meanwhile on a lighter note, just why does Tom Phillips feel he has “to defend his face”? Read the latest post on our ‘Tache of the Titans campaign to find out.
Keeping it real
Real estate a ghost town? Well, not for everyone.
As TheLawyer.com reveals today, Trowers & Hamlins has surpassed its half-year budget targets, despite being heavily reliant on property (see story).
The Lawyer’s Law Firm of the Year back in 2007, Trowers was praised among other things for its “longstanding focus on real estate” and the “stellar performance” of its social housing practice.
And, bucking the trend seen almost everywhere else in the last six months, the real estate group, which is the firm’s largest practice, actually grew by three per cent in spite of the downturn.
Which must be a relief after last year.
As our UK 200: Real Estate feature reveals, while UK 200 property practices overall left 2007-08’s doomsayers scratching their heads, Trowers was almost alone in experiencing a dip (see feature).
The reason for the return to fortune in real estate? The firm’s hardcore of public sector and social housing clients. But how will real estate rivals without these clients fare?
With real estate taking a knock, many firms have been forced to make real estate-related redundancies. Click here to find out how many jobs have so far been lost.
Tache of the titans
Tulkinghorn has commandeered today’s Lawyer News Daily to raise funds for a cause close to his heart – the mighty Moustache. Oh, and er, prostate cancer.
In adulation of the handle-barred glory of their esteemed diarist, Tulkinghorn’s male minions have dedicated this month to the grand tradition of ‘tache topiary, each insulating their top lips for the chilly month of November in aid of The Prostate Cancer Charity.
Special reports editor Tom Phillips, deputy news editor Ben Moshinsky and reporters Kit Chellel and Kian Ganz make their moustache intentions plain on TheLawyer.com, where you can also find a link to the Team Tulkinghorn Movember donation page. (See story).
“My moustache hero is Theodore Roosevelt,” says Kit Chellel. “He was a far cooler, far hairier Republican than John McCain will ever be.”
Log on for those moustache manifestoes in full. And if you are involved in this excellent charity initiative, let us know.