Linklaters: friends and finance

Clifford Chance will be breathing a sigh of relief after Linklaters failed to steal its crown as the world’s number one law firm in terms of turnover.

Linklaters, however, is catching up and is now only £36m behind its rivals after posting a 15.3 per cent increase in revenues of £1.29bn compared to Clifford Chance’s £1.33bn (see story, 4 July 2008).

The firm has seen double-digit growth in all three of its divisional practice areas, with corporate seeing the largest increase of 41 per cent. Finance grew by 36 per cent and commercial brought up the rear with 23 per cent.

And with the tough economic climate that corporate and commercial practices it is likely to at least maintain, if not, increase their growth in the coming year.

For finance, though, it could be a different matter after JP Morgan axed Linklaters from its panel.

As The Lawyer understands, JP Morgan has withdrawn all its current mandates, which make up around 25 per cent of the work for the firm’s London’s finance lawyers.

This is naturally a major blow to the magic circle firm and will, at least for next year, mean a lot of hard graft to even ensure that financials for this practice area even stay flat.

Managing partner Simon Davies’ grand plan to weather the economic storm is a basic one even by his own admission: lawyers will need to ensure close client relationships.

To which JP Morgan hasn’t really been a good start, has it Simon?

Previous blogs:

03-July-2008, Simmons & Simmons: on the up

03-July-2008, Hammonds: 2 out of 3

27-June-2008, Walker Morris: Turn down the volume

27-June-2008, Hill Dickinson: A tale of two cities

20-June-2008, LG: "frustrating and disappointing"

13-June-2008, Trowers & Hamlins: set back, or de-railed?

12-June-2008, Stephenson Hardwood: joining the club

11-June-2008, Ward Hadaway, Leeds and Hoyle: the long game

10-June-2008, Lewis Silkin: credit where due?

09-June-2008, Freshfields: equity cull pays off

06-June-2008, Martineau Johnson: mission accomplished?

05-June-2008, Addleshaw Goddard: babies and bathwater

04-June-2008, Technology firms: RPP reveals all

02-June-2008, The magic circle - a new ring leader to emerge?

30-May-2008, Berwin Leighton Paisner: could do better

29-May-2008, Links to take CC's crown?

28-May-2008, FFW: surprise performer

22-May-2008, Herbert Smith lays down the gauntlet

19-May-2008, Second tier is out to impress