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• US legal services market becomes more segmented

  May 07 2012 The most expensive US lawyers are becoming even more costly, while the cheapest are barely keeping up with inflation, according to this story published in the Wall... more

• Law firm mergers signal growing confidence, says report

  May 01 2012 Fourteen law firm mergers were announced in the US in the first three months of this year, according to a new report from legal consulting firm Altman Weil. “Firms... more

• When large law firms fail, we need to re-examine the business model

  Apr 24 2012 Here is a very good article that addresses the question of why large law firms fail. The article points out that a dozen firms that have folded over the past ten... more

• UK firms should cut 5000 solicitor jobs, says report

  Mar 21 2012 A new report from the Royal Bank of Scotland claims that the UK legal market is suffering from substantial over-capacity, and is currently carrying over 5,000 excess... more

• End of merger negotiations between UK firms Maclay Murray & Spens and Bond Pearce

  Mar 19 2012 There has been a failure of merger negotiations between Scottish law firm Maclay Murray & Spens and Bristol's Bond Pearce. The decision to abandon the talks comes... more

• Revenue, profits and productivity up at US firm Hughes Hubbard & Reed

  Mar 15 2012 US firm Hughes Hubbard & Reed has posted increases in gross revenue, profits per partner, and revenue per lawyer for the 2010-11 period. The firm's gross revenue... more

• Covington & Burling posts increase in revenue and average profits per partner

  Feb 24 2012 US firm Covington & Burling has reported a 5.1 per cent increase in total revenue, going from $581.5 million in 2010 to $611 million in 2011. Average profit per equity... more

• Indian firm Amarchand plans to double headcount to 1000 lawyers in 5 years

  Feb 22 2012 India’s largest law firm Amarchand & Mangaldas & Suresh A. Shroff & Co is pursuing a rapid expansion strategy, with plans to double in size over the next five years to... more

• Salans and SNR Denton rumored to be close to merger deal

  Feb 21 2012 There are rumours circulating that Salans and SNR Denton in the final stages of negotiating a merger. The combined firm would have the benefit of Salans’... more

• Australian firm Mallesons reviews lockstep ahead of merger with King & Wood

  Feb 20 2012 Mallesons Stephen Jaques is reviewing its lockstep remuneration system ahead of the merger with Chinese law firm King & Wood. The firm currently operates a 10-year... more

• Average profits rise at Scottish law firms

  Feb 20 2012 Profits at Scotland’s law firms are rising for the first time since the global finaincial crisis, with the average profit per equity partner across all sizes of firm... more

• 2012 may be more challenging than 2009, says legal industry advisory

  Feb 20 2012 The new client advisory from Citi Private Bank’s Law Firm Group and the Hildebrandt Institute has some disheartening news for the legal sector: “Unfortunately, the... more

• Sidley Austin and Paul Weiss post revenue growth in 2011

  Feb 10 2012 US firms Sidley Austin and Paul Weiss Rifkind Wharton & Garrison have posted revenue growth in 2011. Sidley Austin saw revenues rise 5.6 per cent to $1.41 billion... more

• Non-lawyer appointed as CEO for US firm Pepper Hamilton

  Feb 08 2012 Philadelphia law firm Pepper Hamilton has appointed a non-lawyer as its chief executive, hiring Scott Green, the former executive director of WilmerHale, to lead the... more

• UK Court holds that fixed share partner is not an 'employee'

  Feb 02 2012 The UK Court of Appeal has ruled that a fixed share partner at Lester Aldridge is not an employee for the purposes of unfair dismissal laws. The Court drew a... more

• Recession-era measures seem as though they are here to stay

  Feb 02 2012 The cost-cutting measures undertaken by law firms in the recession – including smaller entry-level classes, stagnant salaries and an impossibly long road to... more

• Mayer Brown invreases revenue by 2.4%

  Feb 02 2012 Mayer Brown has increased its revenue by 2.4 per cent – after two years of falling revenues. The figures will be some relief for the firm after dropping 14 per cent in... more

• Olswang's profits down, Charles Russell's profits up

  Jan 30 2012 Olswang’s limited liability partnership accounts show that the firm’s profits fell from £31.6m in 2009-10 to £29.3m last year. The firm’s highest paid member took... more

• UK firm Pannone set to make a round of redundancies

  Jan 13 2012 Up to 12 fee earners and support staff from UK firm Pannone will lose their jobs when the firm closes two offices in Hale and Alderley Edge in Cheshire, as the firm... more

• Legal support staff get a rough deal at bonus time

  Dec 22 2011 Above the Law has been keeping a close eye on announcements regarding annual bonuses from large law firms. Their reporting has noted that the size of this year’s... more

• Herbert Smith to de-equitize 15 partners

  Dec 12 2011 Herbert Smith is set to de-equitize around 15 partners – ten per cent of its total equity partnership – in order to reach profits on the same scale as the so-called... more

• Top UK firms take shears to equity partnerships

  Nov 04 2011 Top UK firms are taking the shears to their equity partnerships, according to a new survey by professional services firm Smith & Williamson. Of the 20 firms in the UK... more

• Why Quinn Emanuel steers clear of Hong Kong

  Nov 04 2011 Here is an interesting article in the Asian Lawyer about why Los Angeles-based litigation firm Quinn Emanuel Urquhart & Sullivan has opted not to open an office in... more

• DLA Piper considers financial integration of US and international bases

  Nov 01 2011 DLA Piper is once again considering the full financial integration of its US and international profit centers as it hammers out the details of its current three-year... more

• Should law firms stay on home turf?

  Oct 17 2011 Interesting article here about the effect of international expansion on law firm balance sheets. The article points out that of the five elite London firms belonging... more

• SNR Denton to grow lower-cost service in profitability push

  Oct 11 2011 SNR Denton has announced a number of measures designed to boost profitability in the UK, including increasing the size of its lower-cost legal services office in... more

• Ashurst set to merge with Australian firm Blake Dawson

  Sep 27 2011 British firm Ashurst has announced plans to form an alliance with one of Australia's biggest law firms, Blake Dawson. The firms will merge their Asian practices in... more

• Top US firms see growth in revenue, net income and profits in first half of 2011

  Sep 20 2011 The first half of 2011 saw revenue, net income, and profits per partner rise marginally in top US firms, according to a new survey by Wells Fargo Wealth Management's... more

• Top UK firms increase revenue by 4%

  Aug 16 2011 The Lawyer has published a survey that shows total revenues from the UK’s top law firms increasing by four per cent to £14.27bn in 2010-11. This marks the first return... more

• LG reports 9% drop in revenue, 10% drop in PEP

  Jul 19 2011 LG has reported a 9 per cent drop in revenue in the 2010-11 financial year, from £64.9m to to £59m. In the same period the firm saw a 10 per cent drop in average... more

• Top London firms report strong growth

  Jul 13 2011 Top London firms have reported a good year, with revenues and profits on the up. Allen & Overy posted a 7 per cent increase in revenue to £1.12bn, and an 8.3% hike... more

• SNR Denton calls for cash contributions from salaried partners

  Jul 11 2011 SNR Denton has called on non-equity partners to contribute capital to the firm for the first time ever, asking for contributions of between £10,000 and £20,000. The... more

• Canadian law firms weather the economic storm

  Jul 06 2011 Canadian law firms seem to have weathered the financial crisis and recession without seeing any major firms go under, without serious hits to the bottom line, and... more

• Allen & Overy increases revenue by 7%

  Jul 06 2011 UK firm Allen & Overy has reported stable profit levels and profits per equity partner, despite increasing the number of partners at the firm from 451 to 487. The... more

• Scottish firm Dundas & Wilson posts marginal increase in turnover

  Jul 05 2011 Scottish law firm Dundas & Wilson has reversed a two-year decline in turnover to post a slight rise in the 2010-11 financial year. The firm recorded a 2 per cent... more

• Pro-Bono work in decline at US law firms

  Jul 04 2011 The American Lawyer magazine has released statistics showing that pro-bono output declined at the top 100 US firms in the past year, during which those same firms... more

• UK firm Clarke Willmott puts profits back into the firm

  Jul 04 2011 UK firm Clarke Willmott has decided not to distribute all the profits from this year’s performance to the equity partnership. According to the firm, average profit per... more

• SNR Denton has a bumpy ride with falling profits and partner defections

  Jul 04 2011 SNR Denton is facing difficult times in the wake of its transatlantic merger. The firm has reported an 8 per cent drop in revenue to £154.4million for the 2010/11... more

• Martin Lipton of Wachtell, Lipton, Rosen & Katz turns 80

  Jun 24 2011 There is an interesting article in the ABA Journal about how the 80th birthday of Martin Lipton - a founder, rainmaker and mergers partner at Wachtell, Lipton, Rosen &... more

• US firms look abroad to bolster profits

  Jun 23 2011 This Reuters article reflects upon the fact that as the US economy continues to struggle, law firms are looking abroad to bolster profits. In recent months, Davis... more

• Addleshaw Goddard appoints four partners to unitary board

  Jun 23 2011 Addleshaw Goddard has appointed four partners to its new unitary board, which was created recently to streamline the management of the firm by combining the governance... more

• Eversheds reports 7% increase in PEP over flat revenue

  Jun 14 2011 Eversheds has reported that revenues remained flat at £355m in the 2010-2011 financial year, while profits increased by 3 per cent and Profits per equity partner... more

• Australian firms saw increase profits in 2010

  May 24 2011 A new study has shown that 70 per cent of Australian firms increased their profits in 2010. The study, conducted by Macquarie Relationship Banking, went beyond the... more

• Scottish firm Morton Fraser launches 'league tables' of associate billing

  May 16 2011 Scottish law firm Morton Fraser has announced that it will do away with annual fee targets and adopt a policy that encourages competition between associates instead.... more

• London firms show signs of recovery

  May 16 2011 London law firms are showing signs of recovery after tough times according to the annual Law Society profitability survey, which is widely regarded as the annual... more

• New York firm interrogates legal fees

  May 12 2011 After spending 18 years litigating legal bills for insurance companies, David Paige has a finely tuned sensibility for finding questionable legal charges. And now he... more

• SNR Denton to review UK strategy in the face of falling profits

  Apr 25 2011 SNR Denton is conducting a review of its UK business strategy in the face of a huge drop in profits per equity partner. UK partners could see profits drop to as... more

• Limited liability to be blamed for Howrey failure?

  Mar 24 2011 Most commentators say that Howrey failed as a result of a quick expansion and partner dissatisfaction arising from a combination of fluctuating profits and a lack of... more

• With flat demand and revenue, how do we account for 2010?

  Mar 11 2011 Law firm profits and lawyer productivity were strong in 2010 compared to a poor showing in 2009. But it is too soon to celebrate, says this article on the AM Law... more

• Shearman & Sterling see revenues and profits fall in 2010

  Mar 02 2011 Shearman & Sterling has had a tough year, seeing revenue drop by 8 per cent from $801m in 2009 to $737m in 2010, while profits per equity partner fell from $1.74m to... more

• The secret to UK firm Slaughter and May's success

  Feb 21 2011 Slaughter and May is among the most profitable law firms in London, paying its 126 partners an average of £1.84m for their efforts despite posting sales at £439.5m,... more

• Latham & Watkins reports revenues at 2008 levels

  Feb 18 2011 Latham & Watkins saw a bump in revenue in 2010, which rose almost six per cent to $1.929 billion - roughly equivalent to its 2008 gross. Revenue per lawyer rose almost... more

• Hogan Lovells posts first results after merger

  Feb 17 2011 Hogan Lovells has posted its first financial results since its merger last year, with average profits per equity partner climbing around 10% from $1.042 million to... more

• After a bumper year in 2009 Crowell & Moring posts more modest results

  Feb 17 2011 After reporting one of the best financial years in its history in 2009, Crowell & Moring has seen profits and revenues fall somewhat in 2010. The firm’s gross... more

• CMS Cameron McKenna asks four partners to leave

  Feb 10 2011 Four partners at CMS Cameron McKenna have been asked to leave, and several additional partners have been moved down the firm’s equity ladder as result of a... more

• Profits drop 11% at Scottish firms

  Feb 02 2011 An annual survey conducted by the Law Society of Scotland has reported that average profits per equity partner dropped 11 per cent from £72,000 in 2009 to £64,000 last... more

• Winston ends negotiations with Howrey; recruits lawyers on the way out

  Jan 26 2011 Merger negotiations between Chicago-based Winston & Strawn and Washington DC-based Howrey have ended, but Winston’s interest in Howrey is not concluded. According to... more

• Taking the shears to equity partnerships in 2011

  Jan 19 2011 2011 will be another slow year for law firms, according to the 2011 Client Advisory released by consultants at Hildebrandt Baker Robbins and the Citi Private Bank... more

• Lateral market undermines 'partnership'

  Dec 13 2010 This article traces the development of the lateral hiring market. In the 1970’s a lawyer leaving a position at a law firm would not be hired by a firm in the same... more

• Washington law firms protect profits at all costs

  Dec 13 2010 Law firms in the Washington area in the US managed to increase profits for equity partners in 2010, In spite of flat revenue, by cutting expenses. A study by the... more

• Quinn Emanuel hires Olswang litigation head

  Dec 03 2010 US litigation boutique Quinn Emanuel Urquhart & Sullivan has scored a coup with the hire of Martin Davies, the head of litigation at Olswang. This is the second... more

• The future of associate pay

  Nov 03 2010 Before the recession, graduate starting salaries grew at a rate that considerably outstripped inflation. When the demand for legal services dropped, law firms moved to... more

• US study links firm profits to the appearance of managing partners

  Oct 27 2010 Law firms looking to bolster their profits might want to consider electing a managing partner with powerful looks. An new study published in Social Psychological... more

• Clifford Chance reports 25% increase in PEP after cutting ranks

  Oct 13 2010 Clifford Chance has reported that profit per equity partner shot up to £933,000 last year – an increase of 25 per cent on the previous year, when profit per equity... more

• US firm Husch Blackwell lays off 20 lawyers

  Oct 06 2010 US firm Husch Blackwell, based in Kansas city, has confirmed that it has laid off 20 lawyers, including associates and non-equity partners. The lawyers affected... more

• UK firm Bevan & Brittan in third redundancy round

  Sep 24 2010 UK firm Bevan Brittan has confirmed reports that a third round of redundancies is imminent. The firm will make up to 26 employees redundant – half of them fee-earners... more

• Firms cut costs to battle declining revenues

  Sep 02 2010 A new survey indicates that small and midsized firms saw declining revenues during 2009 as a result of tough economic circumstances, but cuts in expenses resulted in... more

• Norton Rose reports 6 per cent drop in PEP

  Jul 07 2010 Norton Rose has released figures for the 2009-10 financial year, revealing a 6 per cent drop in average profit per equity partner to £486,000. The firm’s equity... more

• Clifford Chance reports 27 per cent boost in profits

  Jul 07 2010 Clifford Chance has announced a 27 per cent jump in profits for equity partners, who took home an average of £733,000 in the 2009-10 financial year. Meanwhile, the... more

• Pannone launches corporate crime practice in London, and posts 6% drop in revenue

  Jul 01 2010 Pannone has launched a new office in London, with a team that will focus on business crime, fraud and regulatory law in the UK. Head of regulatory Anthony... more

• Allen & Overy reports drop in revenue and hike in PEP

  Jul 01 2010 Allen & Overy has reported a 10 per cent jump in profit per equity partner in the 2009-10 financial year. Revenue fell by four per cent during the same period, and the... more

• Halliwells to appoint administrator

  Jun 28 2010 Halliwells has filed a notice of its intention to appoint an administrator, and is looking to sell off its business assets. It is thought that Liverpool-based Hill... more

• Stephenson Harwood sees increase in revenue, while PEP drops

  Jun 23 2010 Stephenson Harwood has posted an 8 per cent increase in revenue in the 2009-10 financial year, clearing the £90m mark for the first time. In the same period the... more

• Pinsent Masons: 4% drop in revenue; 32% jump in profits for equity partners

  Jun 23 2010 Pinsent Masons has posted a 4 per cent drop in revenue over the 2009-10 financial year, from £215m in 2008-09 to £206m. The same period saw an increase in profits per... more

• Nortin Rose posts marginal drop in revenue

  Jun 21 2010 Norton Rose has reported a turnover marginally lower than that of last year. The UK firm saw revenues of £307 million, a 2 per cent drop from last year’s £314 million... more

• SJ Berwin posts 7% drop in revenue, 9% increase in PEP

  Jun 17 2010 SJ Berwin has announced a drop in revenue in the 2009-10 financial year of 7 per cent, with income falling from £184 million to £171 million. This year’s figures are... more

• Milbank hires top asset finance partner from DLA Piper

  Jun 16 2010 US firm Milbank Tweed Hadley & McCloy has boosted its London office with the lateral hire of DLA Piper asset finance partner James Cameron. Cameron acts for banks,... more

• Berwin Leighton Paisner on the up

  Jun 15 2010 UK firm Berwin Leighton Paisner bucked the trend last financial year, posting an increase in both turnover and profit, with income topping £191 million for the first... more

• Watson Farley & Williams reports record revenues

  Jun 09 2010 Watson Farley & Williams has posted a growth in revenue of 9 per cent, going from £73.5m in 2008-09 to £80.2m this financial year. This is the third year of very... more

• Addleshaw Goddard reports profits slightly down, PEPs slightly up

  Jun 04 2010 Addleshaw Goddard has reported a slight drop in revenue this financial year – falling by three per cent from £173.1m to £167.5m. In the same period the firm's equity... more

• Oslwang PEPs up 38 per cent, despite of modest growth

  Jun 03 2010 Olswang has posted a small increase in turnover for this financial year, up 2 per cent from £89.2m to £91m. Meanwhile the average profit per equity partner has jumped... more

• PEPs are up at Denton Wilde Sapte, despite drop in revenue

  May 20 2010 Equity partners at Denton Wilde Sapte have had a pretty good year, despite a drop in total revenue. The average profit per equity partner grew by 22 per cent for the... more

• Freshfields keeps PEPs high through recession

  May 18 2010 Some interesting figures arise from The Lawyer’s Transatlantic Elite report, such as the fact that Freshfields Bruckhaus Deringer has posted the industry’s highest... more

• Orrick to stop reporting partner profits

  May 13 2010 Orrick Herrington & Sutcliffe has announced that it will stop reporting the average profit each partner makes as it seeks other ways to measure performance. The San... more

• Record profits without axing staff: Cravath Swaine & Moore and Davis Polk & Wardwell

  Mar 22 2010 A number of firms posted record profit per partner figures in 2009, despite a difficult economic climate. And while many of them boosted profits by paring back their... more

• Equity partners at Egorov Puginsky Afanasiev 5 million+ each

  Mar 15 2010 The equity partners at Moscow based firm Egorov Puginsky Afanasiev & Partners took home profit shares of, on average, e5.64m in the 2009 financial year. Egorov... more

• Davis Polk & Wardwell report 10% increase in profits for equity partners

  Mar 15 2010 2009 was a tough year for many law firms, but Davis Polk & Wardwell has bucked the trend, reporting a 10% increase in profits per equity partner (from US$1.9M in 2008... more

• Weil Gotshal's 2009 results fail to meet expectations

  Mar 09 2010 Weil, Gotshal & Manges has posted flat gross revenue and a slight rise in profits per partner for the year 2009. The results are somewhat disappointing considering the... more

• Debevoise Sees Big Decline in Profits, Revenue

  Mar 01 2010 Debevoise & Plimpton on Friday revealed that gross revenue dropped 12 percent and profits per equity partner suffered an even steeper fall last year as the recession... more

• Howrey's Revenue, Profits Plummet in 2009

  Feb 23 2010 For Howrey, 2009 was a rough year. In 2008, Howrey had what firm Chairman Robert Ruyak said at the time was the firm's best year ever, based largely upon several large... more

• Latham & Watkins posts 5% profit increase, PEP reaches $1.9m

  Feb 18 2010 Latham & Watkins has published its financial results for 2009. While revenue was down 5 percent last year, profits increased up by the same percentage. In 2008, the... more

• Shearman posts strong profits, despite 9 % revenue drop

  Feb 16 2010 Shearman & Sterling reports an increase in profits per equity partner (PPP) of 4.2 percent to $1.735 million in 2009, while revenue declined 8.6 percent to $801... more

• Drop in revenue and profits at Morgan Lewis

  Feb 12 2010 Morgan, Lewis & Bockius saw declines in revenue and profits in 2009 as a general economic slowdown and a hiring spree impacted the firm's bottom line. As of... more

• White & Case revenues down 11 per cent in 2009

  Feb 02 2010 White & Case's total revenue for the 2009 financial year fell by 11 per cent from $1.467bn to $1.307bn. Average profit per equity partner (PEP) reached $1.595m, a... more

• Reed Smith sees partner profits rise to $1m mark as revenues fall

  Feb 01 2010 Reed Smith has posted its financial results for 2009, with the firm reaching the $1m profits per equity partner mark for the first time, reports The Am Law Daily.... more

• Reed Smith profits up, revenue down

  Jan 29 2010 Reed Smith reached the $1 million profits per equity partner mark in 2009 with a 7 percent increase. However, revenues did not reach $1 billion, but instead dipped... more

• Crisis? What Crisis? California law firms post steady profits

  Jan 28 2010 Most major Bay Area law firms saw revenues and profits remain flat in 2009, reports The Recorder. Half of the eight firms surveyed posted increases in profit per... more

• Revenue down, profits up at Cadwalader

  Jan 21 2010 Cadwalader, Wickersham & Taft reported a 28 percent increase in profits per partner, the firm's first positive results since 2007. Cadwalader's gross revenue... more

• Lovells to abandon lockstep pay for Hogan & Hartson merger?

  Oct 12 2009 UK firm Lovells is secretly planning to abandon its lockstep in a bid to push through the planned merger with US firm Hogan & Hartson, reports The Lawyer. The fact... more

• UK law firms on the road to recovery

  Sep 30 2009 UK law firms are regaining their strength after the economic downturn. The research by PricewaterhouseCoopers firm profits have shot up since the start of the year.... more