In the first ever turnover survey of the five largest London offices of US firms, Shearmans reveals a much larger turnover for 2000 than its rivals. Its lawyers billed £7.3m more than those of its nearest competitor Weil Gotshal & Manges, which had a £37.7m turnover. At £45m, this is £2m more than UK firm Theodore Goddard's entire turnover.
Most significantly, the office's fees per fee-earner for 2000 hit £437,000, outstripping even Slaughter and May's figure for 1999-2000 of £401,000. And Shearmans' London office has grown from 103 lawyers this time last year to 126.
White & Case is understood to have billed £21m for 2000, but that figure is low because Maurice Allen's banking team did not join from Weil Gotshal & Manges until half way through the year.
Weil Gotshal's turnover jumped from £28.8m for 1999 to £37.7m, an increase of 31 per cent, despite the departures to White & Case.
|Top-five US practices in London|
|Firm||Turnover (£m)||Fees per fee earner (£K)||Partners/total fee earners|
|Shearman & Sterling||45||542||20/134|
|White & Case||21||263||27/127|
|Weil Gotshal & Manges||37.7||303||23/112|
|Reed Smith Warner Cranston||13.7||232||27/78|