This issue of The Lawyer’s US 50, unique in that it attributes UK revenue to US-headquartered firms, focuses squarely on the financial performance of the leading City practices. Along with a raft of data points to highlight the segmentation of the US 50 market, it includes an individual profile of each of the 50 firms, highlighting financial performance and strategies, hirings and exits, and deals and cases.
In 2022, the US 50 continued getting bigger. In any other year this would hardly make a headline, considering that ever since The Lawyer began tracking the fortunes of the 50 largest US headquartered firms in the UK they have done nothing but grow.
But 2022 was not any other year. It was the year after the boom of 2021, when double digit increases in revenues and profits abounded. It was the year after the gloom of 2020’s pandemic lockdowns, when for a few dark months it seemed as if the wheels were coming off not only the legal market but also the world. With war raging, inflation rising and a banking crisis possibly looming, nothing much has been typical ever since.
Reading through all 50, one gets a clear sense of just how different 2022 was from 2021. A record number of firms experienced flat growth or falls in City fee income, suggesting more consolidation may be on its way. In addition, total revenue growth at the US 50 rose by 3.5 per cent last year compared to 19 per cent in 2021. Along with the muted growth in total revenue there has also been no movement at the head of the ranking.
To find out which firms have made the top of the rankings for each metric, read the full report now.
