Magic circle firm Linklaters has posted a £20m increase in revenues at the half-year stage compared to the same period last year, with fee income increasing to £653m.
This 3 per cent rise is in stark contrast to growth the firm experienced in same period last year, when fee income rose 18 per cent from £536m to £633m.
Managing partner Simon Davies said: "The economic landscape has changed profoundly in the past two months. Undoubtedly, this presents significant challenges to our clients and to us in 2009."
While Linklaters has been hit by the economic downturn it also lost a major stream of revenue when JPMorgan decided to stop giving it work following a row over the magic circle firm's role in suing Bear Stearns, which JPMorgan bought earlier this year, on behalf of Barclays Bank (The Lawyer, 23 June).
The firm is the second of the magic circle firm to announce its figures at the six-month stage, following on the heels of Allen & Overy's turnover increase of 11 per cent from £488m to £548m (TheLawyer.com, 10 November).