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.
Shearman & Sterling has reported a 14.2 per cent drop in UK revenue for the 2008 financial year.
The US firm said that it's London revenues fell from $132.6m at the end of 2007 to $113.8m at the end of the 2008. Over the same period global revenue dipped by almost 5 per cent, from $921m in 2007 to $876m during the last financial year.
Average profits per equity partner (PEP) at the US firm dropped by 10 per cent from $1.85m to $1.665m.
The news comes after Paul Hastings this week unveiled its 2008 financial results, posting a slight rise in revenue and a similarly sized drop in average profit for the year (17 February).
The California-based firm's financial results contrasted sharply with those of the New York elite firm Simpson Thacher & Bartlett, which saw average profit tumble by 13.7 per cent.
Total revenue at Paul Hastings grew by 1 per cent from $980m to $986m between 1 February 2008 and 31 January 2009, the firm's fiscal year. Average profit per equity partner (PEP) dropped 1 per cent from $1.92m in 2007 to $1.9m last year.
Simpson Thacher's revenue reduced by 6 per cent from $958m in 2007 down to $904m last year, while its PEP dropped by 13.7 per cent to $2.48m from $2.82m in 2007.