August 24, 2005
"Productivity" In the UK Elite
The Lawyer's UK 100 listing will be out right after Labor Day, but we have an advance peek at the top 10 today. Linklaters is #1 at £410-million in revenue (US$738-million), up over 8% on strong corporate-department performance. Clifford Chance took second at £402-million, but up just 4%. Both Allen & Overy and Freshfields suffered declines in revenue, with A&O down just over 1% (£358-million) and Freshfields down 6% (£320-million). We'll have to await the full report to understand why.
Interestingly, 14 of the top 50 are US-headquartered.
Meanwhile, over at Bloomberg, there's a more analytic story that shows a reporter actually doing more than repackaging press releases. (Since the California courts have held that bloggers aren't journalists, I can say that without fear of revocation of my press credentials.) Bloomberg analyzed "productivity" of the top law firms, which they defined as revenue per employee (not per lawyer—per everyone). Linklaters again grabs #1 by a healthy margin but on this metric Clifford Chance is not second but fifth, with Freshfields taking its place as #2:
Revenue Per Employee at London's Top 20 Law Firms.
Law Firm Revenue Headcount Fees per
(Millions employee
of pounds) (in pounds)
Linklaters 805 4770 168,763
Freshfields Bruckhaus 780 5245 148,713
SJ Berwin 122 870 140,229
Allen & Overy LLP 666 4766 139,739
Herbert Smith LLP 265 1930 137,305
Clifford Chance LLP 915 6700 136,567
Lovells 366 2779 131,702
Ashurst 201 1539 130,604
Berwin Leighton Paisner 121 938 128,997
Addleshaw Goddard 139 1173 118,499
Clyde & Co 104 908 114,537
Norton Rose 210 1850 113,513
Denton Wilde Sapte 154 1414 108,900
CMS Cameron McKenna 163 1533 106,327
Simmons & Simmons 196 1904 102,941
Pinsent Masons 151 1518 99,209
DLA Piper Rudnick* 450 4851 92,764
Eversheds 303 3870 78,242
Hammonds 100 1439 69,492
Irwin Mitchell 102 1677 61,187
Source: Bloomberg Survey
*DLA merged with U.S. firm Piper Rudnick Gray Cary LLP Jan. 1. The
firm's revenue and headcount figure reflects DLA's for fiscal 2005
plus Piper's proportionate to the part of fiscal 2005 after the
merger, not DLA's total headcount plus Piper's total headcount.
To contact the reporter on this story:
James Lumley in London at jlumley1@bloomberg.com.
Curiously, Bloomberg reports that "Slaughter & May declined to say" what its revenue was, while The Lawyer pegs it at £257-million, up 20%. Different answers for legal as opposed to business reporters? If I become a journalist, I'll have to remember that distinction—or else just call back and ask for someone else.
Posted by Bruce at August 24, 2005 10:33 AM | TrackBackPosted to Compensation | Finance | Globalization | Strategy Printer-friendly version
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
"Adam Smith, Esq. is, and will remain, the definitive
voice on law firm strategy."
—David
Jabbari, Global Head of Know-How, Allen & Overy
"I just don't know what the profession would do without you."
—Chairman, AmLaw 25 firm
“Constantly stunning.’—Managing Partner
"I read three things: The Wall Street Journal, The Economist,
and Adam Smith, Esq.—and I tell my partners to do the same."
—Managing Partner, AmLaw 50 firm
“You have a fascinating niche which you cover ever so much better than
does the conventional legal press.”
—Walter Olson of Overlawyered
“Required reading: Amazing.”—Venture Capitalist
"You're the brand name in law firm economics. There is no one out
there—repeat, no one—who covers this business better, or thinks about
it more creatively, than you. I tell people this guy is really, really good."
—Chair/Managing Partner, AmLaw 50 firm
Business Pundit
CorporateCounsel.Net Blog
Conglomerate
BusFilm by Larry Ribstein
Business Pundit
Carnival of the Capitalists
Chicago Boyz
Ensight
Marginal Revolution
Ronald Coase Institute
Stephen Bainbridge
"Adam Smith, Esq.,"® an inquiry into the economics of law firms, and the maroon banner, are a federally registered trademark belonging to Adam Smith, Esq., LLC, which is partially owned and controlled by Bruce MacEwen.
This weblog is licensed under a Creative Commons License.
