This week we're all talking about US firms' financials

The top 50 US firms last year generated a total of $46.8bn (23.4bn) in revenue - an increase of more than 16 per cent on the 2006 total of $40.27bn (20.14bn).

With US firms ramping up significantly in the UK market, an increasing number of trainees are launching careers at London offices of US firms.

Last week (24 March) Lawyer2B.coms sister publication, The Lawyer, revealed the US top 50 firm financial results for 2007.

The exclusive research revealed revenue and profit per equity partner (PEP) figures for international firms such as DLA Piper and White & Case.

With the likes of Latham & Watkins and Skadden Arps Slate Meagher & Flom both breaking the $2bn (1bn) revenue barrier for the first time ever, it is obvious US firms have significant global strength.

Firms with the strongest revenue growth last year include DLA Piper with a 110 per cent increase from $1bn (500m) up tp $2.1bn (1.05m) K&L Gates increasing revenue by 51.3 per cent from $499m (271m) in 2006 up to $755m (378m) last year.

Profits flourished at Baker Botts which had a 30 per cent increase from $1m (543,000) in 2006 up to $1.3m (650,000) in 2007 making it the most significant PEP increase in the top 50.

Traditional US giants such as Simpson Thacher & Bartlett and Davis Polk & Wardwell have maintained their strength while M&A powerhouse, Wachtell Lipton Rosen & Katz broke into the top 50 table for the first time ever.

While US firms have clearly demonstrated significant growth in global markets, transatlantic success has not been achieved yet.

In recent years becoming a top tier firm in corporate, finance and litigation on both sides of the Atlantic has become increasingly important for US and UK firms.

Firms such as Shearman & Sterling and Cleary Gottlieb Steen & Hamilton have vowed to focus on organic growth in London expanding summer vacation and training scheme programmes in recent years.

With mid-tier firms, such as Mayer Brown and Reed Smith developing stronger transatlantic strategies the US top 50 table could be looking very different next year.