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.
Osborne Clarke has wiped out almost £9m in debt after two years of tight financial management.
The Bristol-based firm was £8.8m in debt at the end of the 2002-03 financial year following a period of aggressive expansion and heavy investment in staff.
However, a cost-cutting and financial management initiative headed by managing partner Simon Beswick has seen the firm accrue savings of more than £8m. It closed the 2002-03 financial year with £2.3m in savings and is currently £8.25m cash positive.
Beswick attributed the results to improved revenues, radical cuts to the firm's cost base (including a wave of staff and lawyer redundancies), property savings, technology investment and better working capital management. "It's a 'looking after the pennies' culture," said Beswick.
The bulk of the savings will be ploughed into partner drawings and tax obligations, with the balance being held to fund investment and repay long-term loans taken out to fund the firm's move to its new Bristol headquarters.