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.
The majority of the growth was driven by tax, corporate and litigation, whereas real estate fared less well at growth of only around 5 per cent.
Managing partner Neville Eisenberg said: “Unsurprisingly in the first half we saw more revenue growth than we did during the second half. If it had continued at the same rate - if the credit crunch hadn't occurred, which is slightly theoretical - I'm sure our revenue growth would have been higher for the whole year.”
Over five years, turnover at BLP increased by more than 80 per cent but this year’s turnover figure compares less favourably to the almost 17 per cent increase recorded last year.
The drop of real estate’s growth from a recent average of 15 per cent over several years to 5 per cent will have had the significant impact as real estate turnover makes up almost a third of total turnover.
Eisenberg said: “Obviously the real estate market has slowed down a bit but starting to see pick-up, particularly in commercial real estate.”
The results are underscored by the tax team seeing two of five promotions in this year’s partnership promotions round, and real estate only seeing one promotion.
“We have a long term strategy,” claimed Eisenberg. “We are a firm that has been growing very, very quickly. And we had a lot of people join us over the last couple of years and we think we're extremely well positioned, robust and really optimistic.”
Figures for profits per equity partner had not yet been finalised.