Linklaters

Linklaters’ revenue was roughly flat last in 2011–12 at £1.207bn (compared with £1.2bn the previous year). Average profit per equity partner (PEP) at the firm was £1.184m, a 3 per cent rise on 2010–11.

The fairly static figures came amid a period of movement for the firm. In late 2011 its second partnership restructuring in three years saw roughly 10 per cent of partners affected: however during the year the firm also launched an Italian disputes practice, set up an Amsterdam competition offering and picked up a duo of partners from Dewey & LeBoeuf as the US firm collapsed.

Most notably, it went live with an exclusive alliance with Australian firm Allens Arthur Robinson (now Allens) and, in December 2012, made a similar arrangement with South Africa’s Webber Wentzel.

Internal politics was heated. Some partners revolted against the handling of the partner cull by abstaining from voting in the poll to re-elect global managing partner Simon Davies, the sole candidate. The protest resulted in the vote being re-run at the partners’ retreat in Montreux, Switzerland, with his election eventually ratified.

Overall, 2011–12 was a year in which Linklaters realigned its approach. The firm is now moving away from a global all-equity strategy focused on core hubs to one involving non-financially integrated joint ventures in emerging locations. It is also seeking out new sources of client fees rather than relying on its big-bank relationships.