The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Morgan Lewis & Bockius has posted an 8.5 per cent rise in gross revenue, taking the Philadelphia-headquartered firm’s turnover to $1.12bn for 2008.
Although revenue per lawyer dipped slightly, by 1.2 per cent to $822,000, average profit per equity grew by 1.4 per cent to $1.45m.
While corporate work slowed during the year for Morgan Lewis, other parts of the firm's practice areas helped sustain the financials. In particular the firm's labour and employment, energy, life sciences and drug industry practice groups performed strongly.
"There is no question that this particular year, our breadth of practice areas acted as a hedge against the areas that are slower," said Tom Sharbaugh, Morgan Lewis' managing partner for operations.
Morgan Lewis has been looking to grow its US practice in recent months. Last November, the firm secured significant expansion in its New York office when it hired 17 energy lawyers from Thelen, which collapsed towards the end of 2008 (11 Nov 2008).