This edition of the UK Corporate 50 confirms that, despite some welcome green shoots in parts of the deals markets, the contrast with last year’s report could hardly be starker. The data and editorial commentary in that report were largely based on firms’ activities during 2021, an unprecedented boom period for many corporate practices. Back then, the focus of the report was on a market that had been overheated, non-stop and motoring to the extent that many firms complained about the chronic lack of lawyers to staff deals.
This year, deals are taking longer, assuming they get over the line at all; they are more complex as higher pricing sparks renegotiations and regulatory bodies flex their increasingly buff muscles; and the widespread softening in the market has led several firms to cut headcount as a result of over-capacity.
The headcount and revenue data in this year’s UK Corporate 50 report adds more weight to the argument that, despite the obvious slowdown, most UK corporate practices remain busy. Total revenue at the 50 rose by 16.7 per cent, from £4.2bn to £4.9bn. While a 16.7 per cent increase appears steep, it is not surprising. Several firms increased their overall UK revenue in their most recent financial year, which means that the revenue generated from corporate work also went up.
Interviews with numerous City corporate partners highlight several industry sectors where deal activity and investment are continuing apace. Among these, the energy and infrastructure (E&I) sector is one of the most prominent. Consequently, this edition of the UK Corporate 50 focuses on firms’ approaches to this market, looking at the variety of strategies they are taking to be well positioned in a part of the market that is certain to provide work for decades to come.
