The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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.
This year sees a substantial increase in the number of partners appointed by the top City firms and reflects a bullishness not felt for some years by the top tier of the profession.
The upturn in business, seen as large numbers of companies restructure, is clearly good news for the major firms which are the main beneficiaries.
But we must not forget the second-tier firms, many of whom are facing something of a crisis and few of whom have experienced the same level of growth as those at the top.
The problem for many of these firms is that they have found themselves squeezed out of certain sectors as clients demand more and more specialisation. Also, many fell victim to the boom of the 1980s when they dramatically expanded and were sometimes less choosy in appointing partners than perhaps they should have been.
There is no doubt that the days of the generalist second tier law firm are numbered and the sooner these firms get to grips with this reality, the more likely they are to respond positively.
They will have to refocus their business dramatically and some will have to accept that shrinkage is sometimes an equally good solution to problems as growth.
It will take an imaginative, proactive and indeed brave firm to come up with solutions to deal with the problems in hand and to change the structure of the firm to deal with the ever-changing needs of clients.