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 slight rise in both total revenue and average profit per equity partner (PEP) for the 2010 financial year.
Total revenue was up 2 per cent from $940m to $958m while PEP rose 5 per cent from $1m to $1.05m. The latter figure is a record for Reed Smith.
Greg Jordan, Reed Smith’s global chairman, described the results as “solid”, saying the firm was pleased with the financials while admitting 2010 had been “hard work”.
“In a climate where demand’s still flat and there’s a lot of price pressure it’s a challenge,” said Jordan. “We did most of our major cost cuts in 2009, but there was continued belt tightening in 2010. But we’re 3.5 per cent bigger on headcount than we were a year ago, which I think positions us well for more growth this year.”
Jordan said the firm’s Asia practice had been the best performer in terms of deal activity followed by the US and then Europe.
Reed Smith’s counter-cyclical practices in restructuring, class action litigation and mortgage-related insurance coverage were among the strongest groups, he added.
Jordan added that the firm continued to be interested in the Texas legal market despite the ending of its merger talks with local firmThompson & Knight (7 January 2011).
“We’ve added a lot of energy lawyers recently even without the merger,’ Jordan added.
Revenue per lawyer at Reed Smith stayed static at $661,000 last year.