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.
Revealed: New York giants pile on the revenues as global firms shrug off credit crunch
Skadden, Latham punch through $2bn barrier" />The US’s two largest firms Latham & Watkins and Skadden Arps Slate Meagher & Flom both generated total revenues for 2007 in excess of $2bn (£1.03bn), becoming the first US firms ever to do so.
Skadden’s provisional figures showed a 9 per cent increase in revenue and average profit per equity partner (PEP), taking the firm’s turnover to $2.02bn (£1.04bn) and PEP to $2.28m (£1.17m).
A Skadden insider commented: “Size isn’t our goal. It’s more important to be a meaningful player and to maintain a good profit margin.”
In 2007 Skadden’s revenue and PEP rose proportionately less than Latham’s, but the firm’s single-digit increases still saw it break through the $2bn mark on revenue.
Last Thursday (7 February) TheLawyer.com revealed that Latham had posted a 23 per cent hike in revenue from 2006’s $1.62bn (£880.43m), taking turnover to just in excess of $2bn.
The average PEP at Latham also grew by a double-digit margin, up by 22 per cent, from $1.85m (£1.01m) in 2006 to $2.27m (£1.13m) last year.
Latham closed the revenue gap on Skadden, from $226m (£122.83m) in 2006 to just $15m (£7.7m). The pair’s PEPs are now almost level. Latham London managing partner Andrew Moyle said: “Revenue is one measure of achievement, but it’s fairly meaningless without strong profits and a quality practice to support that strategy.”
White & Case also enjoyed a good year, with revenue rising by 15.9 per cent to $1.37bn (£704.89m), while PEP rose by 11.3 per cent to $1.67m (£859,000). The New York firm overtook Jones Day, where revenue is understood to have remained static at $1.3bn (£668.87m). White & Case lags slightly behind Baker & McKenzie, which has a July to June financial year. Last year its revenue stood at $1.82bn (£930m).