Updated: UK financials show smaller firms feeling the squeeze

Smaller firms have seen a tighter squeeze on revenues compared with their peers, the latest figures coming out of The Lawyer UK200 firms reveal.

The turnover table, due to be published in full in The Lawyer UK200 later this year, shows a concentration of falling revenues amid firms turning over less than £40m. While many firms in this bracket have recorded growth in the past year, a number have seen turnover fall.

Firms with a focus on personal injury (PI) and conveyancing have seen the biggest depression in revenues, with Optima Legal among those feeling the biggest drop off, with a 10.1 per cent revenue fall from £22.9m in 2011/12 to £20.5m last year. 

PI specialists Bott & Co also had a difficult year, with its revenue also falling by 10.1 per cent from £12.9m to £11.6m.

Turnover at Welsh firm Morgan Cole also dropped, from £36.6m in 2011/12 to £33.7m last year, a decrease of 7.6 per cent.

Much of the growth in the top 200 so far is attributable to merger activity. For example Wedlake Bell saw its revenues rise by nearly 50 per cent following its April 2012 merger with Cumberland Ellis (1 February 2012).

Exceptions include Matthew Arnold & Baldwin. The Hertfordshire firm anounced revenue rise of over 20 per cent for the second successive year, with turnover going up from £15.8m to £19.8m.

The Lawyer UK200 – the story so far:

 
Firm Turnover (£m)    
  2011/12 2012/13 Percentage change (%)
Clifford Chance 1303 1271 -2.5
Freshfields Bruckhaus Deringer 1139 1221 7.2
Linklaters 1184 1195 1
Allen & Overy 1182 1189 1
Norton Rose Fulbright 822.3 845.3 3
Hogan Lovells (UK) 582 591 1.5
Eversheds 366 376 2.7
Clyde & Co 287 336.6 17
Ashurst 322 323 0.3
Pinsent Masons 221 309 39.8
Simmons & Simmons 251.7 250.3 -0.6
Bird & Bird 235 249 6
Taylor Wessing (global) 212 228 7
DWF 102 188 84
SJ Berwin 180.1 184.6 2.5
Holman Fenwick Willan 123.9 141 13.8
Parabis 108 139 28.7
Wragge & Co 118.2 120 1.5
Kennedys 109 117 9
Kennedys 109 117 7.3
Nabarro 113.4 116.3 2.6
Macfarlanes 102.2 114.2 11.7
Hill Dickinson 110.1 112.8 2.5
Osborne Clarke 98 112 14
Olswang 108.1 111.3 3.0
Watson Farley & Williams 99.9 102.1 2.2
Field Fisher Waterhouse 97.5 95 -2
Ince & Co 91.6 93.2 1.7
Shoosmiths 84 87 3.6
Berrymans Lace Mawer 81.2 84.7 4.3
Mishcon de Reya 73.1 83.4 14
RPC 68 82.1 20.7
Weightmans 77.1 82 6.4
Mills & Reeve 69.4 70.9 2.2
Charles Russell 68.1 68.9 1.2
Gateley 61.5 66 7.3
Speechly Bircham 57.6 57.5 -0.2
Farrer & Co 49.6 50.8 2.4
Brodies 42.8 46 7.5
Blake Lapthorn 45.7 45.6 -0.2
Stewarts Law 34.9 45.2 29.5
Walker Morris 41 42 2.4
Lewis Silkin 39.1 41 4.9
Freeth Cartwright 32.7 40.5 23.9
Shakespeares 29.6 39.6 33.8
Shepherd & Wedderburn 37 35.9 -3.0
Bristows 32.9 35.4 7.6
Morgan Cole 36.6 33.7 -7.9
Ward Hadaway 30 32.9 9.7
Forsters 28 32.5 16.1
Fladgate 25.9 28.1 8.5
Kingsley Napley 27.3 27.8 1.8
Wedlake Bell 18 26.9 49.4
Gordons 25.3 25.8 2.0
Sackers 24 24.3 1.3
Turcan Connell 22.3 22.4 0.4
Veale Wasbrough Vizards 21.2 22.4 5.7
Thrings 21 22 4.8
Harper McLeod 19.3 21 8.8
Boodle Hatfield NA 20.7 NA
Optima 22.8 20.5 -10.1
Geldards 21 20 -4.8
Matthew Arnold & Baldwin 15.8 19.3 22.2
DMH Stallard 19.4 18.5 -4.6
Stevens & Bolton 17.6 18 2.3
Cripps Harries Hall 18.3 17.9 -2.2
Wilkin Chapman 16.1 16.7 3.7
Edwin Coe 15.4 16.5 7.1
Ashton KCJ NA 16.4 NA
Taylor Vinters 16.2 16.3 0.4
Thorntons 13.2 14.3 8.3
JMW 13.1 15 14.5
IBB Solicitors 13.5 14.3 5.9
Morton Fraser 14.1 13.7 -2.8
Tees Law NA 13.4 NA
Wright Hassall 13.2 13.4 1.5
Lupton Fawcett Lee & Priestley 12.4 13 4.8
Stone King 11.3 12.2 8.0
FBC Manby Bowdler 12.3 11.8 -4.1
Brachers 10.9 11.7 7.3
Bott & Co 12.9 11.6 -10.1
Peters & Peters 10.2 11.1 8.8
Barlow Robins 10.8 11 1.9
Lindsays 9.3 10.6 14.0
Coffin Mew 10.8 10.2 -5.6
Ledingham Chalmers 9.7 10.1 4.1
Pemberton Greenish 9.3 9.7 4.3
Trethowans 8.8 9.4 6.8
Darbys NA 9.3 NA
Porter Dodson 8.3 8.1 -2.4
Furley Page 7.2 7.5 4.2