The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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.
Orrick Herrington & Sutcliffe, Morrison & Foerster (MoFo) and Sonnenschein Nath & Rosenthal all unveiled figures that confirm the darkest days of the recession are over - at least in the legal market and for those lawyers who still have jobs.
MoFo’s revenue dropped by 3 per cent to $884m (£545.55m), while Orrick’s total turnover for 2009 was up by 2 per cent to $847.5m. Global average profit per equity partner (PEP) at Orrick rose by 3 per cent to $1.3bn.
Orrick’s global performance came off a tough year, with London managing partner Martin Bartlam saying the firm had performed “extremely well”.
The London office’s revenue hit £24.54m, a sterling increase of 18 per cent, although just a 1 per cent rise when converted to dollars.
Bartlam said the total figure reached $40.5m when revenue for lawyers based in the City, but with billings booked out of Orrick’s international offices, was factored in.
“It turned out to be a good year in the end,” says Bartlam. “The first part of 2009 was very slow - utilisation levels were low. But we took many of our cost-cutting measures [including a redundancy round in March], reviewing all of our expenses, early on. On the whole utilisation was back up significantly by the end of the year.”
WilmerHale has also reported its results, posting a 1.5 per cent drop in revenue to $941m but a 7 per cent rise in PEP to $1.1m.
In a statement the firm says that, during the “unforgiving economic climate” that had called into question “long-held assumptions about the law firm business model”, WilmerHale had made decisions that, “while very difficult, enabled us to emerge from one of the toughest years on record in a stronger position”.
For its part, Sonnenschein achieved the remarkable feat of posting a total revenue that was all but flat at $472.5m despite making one of the largest lawyer acquisitions of last year when it took on around 100 lawyers from the collapsed Thacher Proffitt & Wood.