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.
Star practices/people Think Slaughter and May, think corporate. Think Slaughters corporate, think Nigel Boardman, Chris Saul, Frances Murphy, William Underhill, Steve Cooke…
The firm’s corporate practice accounts for around half of total revenue and is a top-notch department in a first-class firm. Slaughters is undoubtedly the best connected of all the City players and acts for an incredible list of FTSE100 clients, not to mention institutions such as JPMorgan Cazenove and Goldman Sachs.
The corporate focus spills over into the firm’s other areas of strength, with its restructuring practice being very much corporate-led. Star names in this area are Charles Randell, who also happens to be Mr Government (the nationalisation of Northern Rock was just one entry on a very long list of government mandates), and Jonathan Rushworth. The financial institution litigation practice is another standout.
Weaknesses Although Slaughters likes to think of itself as a full-service firm, there are certain areas, such as TMT, where its strength fails to show. For a firm with a pretty much flawless history, launching a TMT practice as the dotcom bubble burst was more than a little foolish.
Its dependence on FTSE clients looked shaky last year as private equity mushroomed, but post-credit crunch the strategy remains robust.
Slaughters’ lack of an international footprint could also become an issue in the long term although to date this has been far from a drawback.
International The firm’s network of European best friends has served it well. Its strong links have paid off in recent years, with Slaughters winning a role alongside Spain’s Uría Menéndez (and De Brauw Blackstone Westbroek) advising Santander as part of the consortium whose high-profile e71bn (£47.7bn) buyout of ABN Amro completed successfully last year.
The verdict Although Slaughters only has on-the-ground presences in Brussels, Hong Kong and Paris, its international reach is arguably as strong as any multijurisdictional players. Other firms have been forced to take more risks. Why? Because they aren’t Slaughter and May.