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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.
No5 Chambers has posted a 26 per cent increase in turnover, matching Monckton Chambers as the set with the largest growth in the last financial year.
No5 ;Chambers ;has posted a 26 per cent increase in turnover, matching Monckton Chambers as the set with the largest growth in the last financial year.
Commercial ;set ;3 Verulam Buildings (3VB), meanwhile, has posted a less impressive performance, with a growth in turnover of 6 per cent.
Birmingham-based No5 has seen its revenue grow from £27.7m in 2006-07 to £34.9m, with its planning practice recording a rise in turnover of 46 per cent.
Despite this, No5 practice director Tony McDaid said he does not expect the planning practice to sustain this level of growth in light of the ongoing impact of the credit crunch, adding that growth areas will include ;international arbitration, regulatory, personal injury and clinical negligence.
“None of this can mask the fact that, like many at the bar, we’re very concerned about the serious lack of funding for both criminal and family work,” he said. “The public will undoubtedly lose some very talented individuals to other practice areas and the law altogether unless this is addressed.”
At 3VB the 6 per cent rise brings the set’s turnover to £27.3m. 3VB senior practice manager Nicholas Hill said chambers expects continued growth in the same practice areas as this year – banking, financial services, fraud and professional negligence.
“These areas have obviously been particularly affected by the current economic conditions,” said Hill, “and with the current news that a recession looks more likely, I expect them, together with insolvency, to continue to be important areas.”