It’s that time of year again – when we analyse which 15 law firms bring in more corporate revenue than the rest of the bunch. And it seems that one year can change a lot.
For starters, the magic circle has been engaged in a hearty game of musical chairs. Linklaters retains the crown with an estimated corporate turnover of £466.1m (just 0.3 per cent more than its total in 2011/12). But Freshfields Bruckhaus Deringer has managed to dislodge Clifford Chance and Allen & Overy from their seats to secure second position with an estimated £415.1m corporate revenue – 10.4 per cent more than last year’s £375.9m.
The other end of the table is equally telling. SJ Berwin remains in fifteenth spot with a corporate turnover of £64.6m, despite a 5.6 per cent rise in transactional revenue from last year. Above it, Taylor Wessing and Clyde & Co have managed to bump mid-market stalwarts Berwin Leighton Paisner and Simmons & Simmons out of the table altogether.
Clydes, along with DLA Piper and Herbert Smith Freehills, is becoming a much bigger player in the corporate market. Corporate revenue at Clydes rose by 33.4 per cent, helped a little by revenues from its 2011 merger partner Barlow Lyde & Gilbert (BLG). There was a similar rise at DLA and an increase of 52.5 per cent for Herbies following its Australian tie-up.
We recommend keeping a close eye on Clydes. Once an insurance powerhouse, this growing firm just recorded its first full-year figures since its November 2011 merger with BLG. The firm is dead set on growing its corporate offering in coming years. So far, it seems, so good.
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