Linklaters spends second year as corporate top dog” />As first reported in Lawyer News Weekly last Wednesday (3 August), global revenue at the magic circle firm’s corporate group, led by David Barnes, jumped by 11.8 per cent from £288m to £322m in 2004-05.
Meanwhile, Freshfields Bruckhaus Deringer and Lovells were the only two firms in the top 10 to post a drop in corporate revenue in the last financial year. Freshfields’ global corporate turnover slumped by £7m to £258m, putting it in joint second place with magic circle rival Allen & Overy (A&O).
A&O’s corporate practice, which recorded a net loss of £10m in 2003-04, rebounded to post a 7 per cent hike in billings. Indeed, during the course of the last financial year, the magic circle firm landed a handful of corporate mandates, including advising US sports tycoon Malcolm Glazer on his successful bid for Manchester United Football Club.
Lovells’ global corporate turnover dipped by 5 per cent from £113.1m to £107m, resulting in the firm being overtaken by Herbert Smith, which reported a 17.7 per cent increase in billings to £108.6m – the biggest rise in the top 10. Lovells’ drop in corporate turnover is mostly down to the firm’s mainstream corporate practice, which is understood to have had a very disappointing 12 months.
Meanwhile, Slaughter and May, which posted a 14.7 per cent rise in corporate turnover, now boasts a revenue per partner (RPP) of £2.68m in corporate. That is almost £1m higher than Linklaters’ RPP, which ranks in second place at £1.75m. A&O and Fresh-fields ranked third and fourth with RPP of £1.74m and £1.56m respectively.
|Top 10 corporate UK firms|
|Rank||Firm||Global corporate turnover (£m)||% of total turnover||No of corporate partners||Rev per corporate partner (£m)|
|2=||Allen & Overy*||258.0||38||148||1.74|
|5||Slaughter and May||147.9||51||55||2.68|
|8||Simmons & Simmons*||76.4||39||84||0.91|
| Source: The Lawyer
* Includes commercial
** Includes non-contentious antitrust