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.
REED Smith has posted a 12 per cent increase in firm-wide revenue, with the two UK offices posting 15 per cent growth.
UK revenue grew to $41.7m (£23.6m) in 2005 while the firm posted a total of $563m (£319m).
It is the second consecutive year growth in Reed Smith’s London and Coventry offices has outstripped the firm’s overall performance.
Reed Smith had a 29 per cent rise in UK turnover in 2004 to $36.2m (£20.5m), compared with a 19 per cent firm wide rise to $504m (£285m).
UK revenues have grown 126 per cent since 2000, while firm wide the increase has been 167 per cent. Reed Smith entered the UK market with a January 2001 takeover of Warner Cranston.
The firm’s profit per partner (PEP) in 2005 was $800,000 (£453,300), an increase of 21 per cent on 2004. The revenue per lawyer (RPL) figure for 2005 was up 11 per cent to $608,000 (£344,000).
As first revealed in The Lawyer (Sept 12, 2005) the firm ditched its Midlands-based debt recovery and local property practices as part of a shake-up designed to bring the local outpost in line with the firm’s international focus.