Loose changes in the City

Freshfields Bruckhaus Deringer and Linklaters have gone public with their results, showing the shock news that Freshfields has pipped its magic circle rival in the revenue stakes with a 7.2 per cent rise to £1.139bn.

Linklaters figures are kind of up and kind of down: it has reported a 1 per cent like-for-like rise in revenue, but this is calculated based on a figure for last year that strips out fees from its now-defunct associations in Brazil and Singapore. The raw figure dropped 1 per cent. Allen & Overy is already public with its small revenue increase that puts it behind Freshfields. Clifford Chance bears all on Monday.

Norton Rose has also announced its pre-Fulbright & Jaworski global revenue of £845m, up 4 per cent taking into account the depreciation of the South African rand against sterling, while Ashurst’s flat turnover comes alongside a 9 per cent PEP drop and 7.3 per cent fall in the value of each equity point.

Revenue figures are generally good across the top 50 despite a few sharp PEP falls, so the predicted doom and gloom has not quite come about.

TheLawyer.com has all the news, views and analysis you need to keep up to date. Share your views on our Financial Insight page, where we will provide the inside track on what those all important figures really mean – kicking off with Macfarlanes.

Also on TheLawyer.com:

  • Eversheds reveals a 2.7 per cent increase in turnover for the 2012/13 financial year, a similar rate of revenue growth as in 2011/13
  • Macfarlanes posts a healthy increase in revenue and PEP
  • Linklaters’ role on the phone-hacking investigation is back in the spotlight
  • An “elderly solicitor” has been granted a High Court non-disclosure injunction to prevent his former younger lover from disclosing details of their relationship
  • Slaughters is making a push in Africa and natural resources – and the latest listed client rankings show it’s making progress
  • In other Slaughters news, the Treasury has chosen the firm to advise on the RBS break-up