The top 100 independent firms saw a collective rise in turnover of just under €200m last year, exclusive research for The Lawyer European 100 2014 has revealed.
Europe’s largest firms together brought in €8.2bn of revenue in 2013, up from just over €8bn in 2012 – a rise of 2.4 per cent.
Iberia’s Garrigues remains the largest firm on the continent by turnover, although its 1.7 per cent fall in 2012/13 to €331.9m (31 October 2013), together with the 1.5 per cent increase reported by France’s Fidal in second place (22 April 2014), means the gap between the two largest independent firms has narrowed this year.
The constituent members of the top 10 have remained much the same over the last five years, the full report shows, although following its merger with SNR Denton and Fraser Milner Casgrain (22 February 2013) Salans – sixth-placed in 2013 – has dropped out. A strong year for German multidisciplinary practice Roedl & Partner, with turnover rising 7 per cent to €155.9m, brings that firm into the top 10 in tenth position.
Once again the European 100 shows the varying fortunes of the continent’s jurisdictions. German firms once again had a good year, and after a difficult 2012 much of the French market has also bounced back.
In contrast, the Netherlands and Sweden found last year tough, with several firms reporting declining revenue for 2013.
For the first time this year’s European 100 also includes data from international firms with a strong presence in Europe. Analysis of international firms’ headcount shows that CMS is the largest firm operating on the continent, with almost 1,800 lawyers in the 25 European jurisdiction it is in.
Baker & McKenzie, with a lawyer headcount of 1,250 across 18 jurisdictions, is the next-largest international firm.