The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Reed Smith has released its last year-end figures before its merger with Richards Butler, showing a growth in revenue of 14 per cent to hit $644m (£332m) in 2006.
The firm is planning a massive 40 per cent growth in revenues this year to break through the $900m barrier.
The figure takes into account the merger with Richards Butler, which could bring in an extra $120m, and Chicago firm Sachnoff & Weaver, whose 140-lawyers have an estimated revenue of around $80m, which means organic growth is expected to top $60m.
UK managing partner Tim Foster said: “The budgets this year will predict further expansion. We are not assuming that 2007 will be a period of retrenchment.”
Revenue in the UK grew 10 per cent to $45m. Foster said working and cross-selling with Richards Butler for the last six months of the year had contributed to the growth in the UK.
Average profit per equity partner increased from $800,000 to $941,000.
Foster said: “The lawyers are doing more hours and better work at higher rates.” Closer links to clients in the financial services and life-sciences sector have also helped the firm expand.