The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Linklaters’ turnover is down 9.5 per cent at the half-year stage, with the firm attracting £591m compared with £653m during the same period last year.
This broadly mirrors the financial performance of magic circle rival Allen & Overy, which posted a 7 per cent fall for the first six months of the year (6 November 2009).
Linklaters managing partner Simon Davies (pictured) said the firm’s first-half performance had been broadly in line with the firm’s expectations given continuing challenging market conditions.
He added: “While we don’t expect a rapid recovery in the market, we’ve seen an upturn in our activity levels on the second half of last year particularly in the BRIC [Brazil, Russia, India and China] and the Middle East markets where we have very strong capability.”
The news comes after Linklaters overtook Clifford Chance to become the UK’s largest firm by turnover in 2008-09 after generating turnover of £1.3bn (6 July 2009).
The firm, which saw revenue remain static year on year, achieved this after Clifford Chance saw revenues drop by 5 per cent to £1.26bn.
Linklaters underwent a massive restructuring earlier in the year, becoming the first magic circle firm to do so (29 January 2009).The full cost of the restructuring was booked in the 2008-09 financial year.