With all the doom and gloom about the economy, it’s easy to forget that some law firms are doing really, really well.
After madly shedding partners, doubling-down their bets on foreign offices, and tightening their management controls, the global Magic Circle practices–Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, and Linklaters–look a little better-dressed than many of their rivals in the United States. The irony is that the English firms have succeeded by following the lesson of their American peers: They’ve hedged their bets. For U.S. firms, in the past that has meant a healthy dose of litigation and bankruptcy work to balance a corporate shortfall. For the British, the strategy has been geographic: spreading their risk across several continents.
Whatever. Maybe someday you’ll be able to buy back an undesirable position in Yorktown.
The U.S.A. is still well represented when it comes to profits per partner:
Cadwalader’s inclusion on this list is … offensive (the list is based on 2007 numbers), but how about Quinn Emanuel! One of five firms worldwide with PPP over $3,000,000.
The firms with the most revenue after the jump
When it comes to gross revenue (subscription), British firms dominate the top:
Baker & McKenzie, last seen throwing Heller Ehrman under the bus, has kept pace with the other mega-firms. And Skadden continues to be the bloated engine that does nothing but mint money.
All of these numbers are based on 2007 returns. We expect more shaking at the top when the 2008 returns are calculated.
The 2008 Global 100: The English Advantage [American Lawyer]
The Global 100-Profits Per Partner [American Lawyer] (subscription)
The Global 100-Most Revenue [American Lawyer] (subscription}