The Lawyer Global Litigation Top 50 report is the only ranking of international law firms by litigation and arbitration revenue and is essential reading for anyone seeking to benchmark their litigation and dispute resolution practices...
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.
Lovells has had a disappointing start to 2006-07, reporting a modest 4 per cent increase in turnover for the first six months of the financial year.
Revenue at the top 10 City firm inched up to approximately £205m. However, Lovells' London office posted flat half-year results for the first half of the financial year.
Lovells managing partner David Harris admitted that Lovells has "seen a different picture" to other firms.
"Our results don't look as good as other firms'," he said. "One has to be realistic about what's achievable because we've lost a lot of people."
The results come on the back of 2 per cent growth in London during the last financial year and against the backdrop of a booming corporate market.
Lovells' finance group recorded the strongest performance of all the firm's practice areas, reporting a jump in turnover of more than 25 per cent. The corporate practice, however, experienced a slight dip in revenue, partly as a result of the departure of the firm's private equity practice to Weil Gotshal & Manges last May.
Harris conceded that Lovells needs to improve the performance of its corporate practice.
The only other firm to achieve anything less than double-digit growth is Hammonds, where revenue remained static. Both firms have suffered an exodus of partners during the past year.
Lovells' notable departees include: Marco Compagnoni, who led his private equity team to Weil; fellow private equity partner Derek Baird, who went to Allen & Overy, along with IP partner Nicola Dagg; head of EU and competition John Pheasant, who joined Hogan & Hartson; disputes chief Andrew Foyle, who moved to One Essex Court; and retiring Milan managing partner Paolo Criscione. The firm is also closing its Berlin office.