It’s official. For the fifth consecutive year Clifford Chance is the biggest grower in the UK magic circle.
But it’s good news all around for the firm’s peers. Today Freshfields Bruckhaus Deringer and Linklaters also announced increased revenue. At Freshfields turnover is up 1 per cent to £1.232bn, while Linklaters increased revenues by 5.9 per cent to £1.255bn. Last week Allen & Overy (A&O) reported a 2 per cent rise to £1.23bn.
Is this snapshot indicative of the wider trends? The Lawyer has delved into the archives to take a look at the bigger picture. While Clifford Chance might be the biggest of the four magic circle firms, A&O has had the most growth over 10 years.
Over the last decade, combined revenue produced by the magic circle has rocketed by 60.4 per cent from £3.165bn to £5.076bn. All four firms hit a PEP high in 2007/08, when Freshfields smashed the market with PEP of £1.484m. And then the market collapsed and not one of the four has replicated that PEP success since.
Nevertheless, across the board firms are celebrating a positive year-end. The road to recovery is wide open. Keep up to date with all the latest figures in our bumper revenue table.
Also on TheLawyer.com:
- What does the future hold for the legal market? Mark Brandon gazes into the crystal ball
- Pinsent Masons, Simmons & Simmons and Mishcon de Reya publish their results for 2013/14
- And how is the M&A market performing? Read our feature on the changing nature of corporate fees and what it could mean for your firm