Market growth makes a comeback as Freshfields and Linklaters pump up revenue

It’s official. For the fifth consecutive year Clifford Chance is the biggest grower in the UK magic circle.

But it’s good news all around for the firm’s peers. Today Freshfields Bruckhaus Deringer and Linklaters also announced increased revenue. At Freshfields turnover is up 1 per cent to £1.232bn, while Linklaters increased revenues by 5.9 per cent to £1.255bn. Last week Allen & Overy (A&O) reported a 2 per cent rise to £1.23bn.

Is this snapshot indicative of the wider trends? The Lawyer has delved into the archives to take a look at the bigger picture. While Clifford Chance might be the biggest of the four magic circle firms, A&O has had the most growth over 10 years.

Over the last decade, combined revenue produced by the magic circle has rocketed by 60.4 per cent from £3.165bn to £5.076bn. All four firms hit a PEP high in 2007/08, when Freshfields smashed the market with PEP of £1.484m. And then the market collapsed and not one of the four has replicated that PEP success since.

Nevertheless, across the board firms are celebrating a positive year-end. The road to recovery is wide open. Keep up to date with all the latest figures in our bumper revenue table.

Also on TheLawyer.com:

Featured Briefings
Employment: IBB Solicitors: Right to request flexible working comes into law
Charity: Walker Morris: Why local authorities need to tread carefully when funding charities
Media: Nabarro: Suarez incident legal postscript: apology constitutes second bite of the cherry
Insolvency: Shepherd and Wedderburn: Time and tide (and changes to insolvency legislation) wait for no man…
Banking: Nabarro: Is it always about the money? New investment guidance for trustees