The release of English law firm results is always occasion for anxious comparisons on both sides of the Atlantic. (The results come courtesy of London-based Legal Week, which published its annual U.K. Top 50 in July.) This year, anxiety may run higher on the British side because—after a five-year spike—the dollar-pound exchange rate has returned to its historical norm of close to $1.60 to the pound sterling. (We use the Federal Reserve average exchange rate: 1.5661 dollars to the pound in 2009.)
The top of this year’s Global 100 has seen a thorough reshuffling. With revenue drops of 10 and 11 percent, respectively, Linklaters and Freshfields Bruckhaus Deringer fell from first and second to fourth and sixth places (with Baker & McKenzie and Skadden, Arps, Slate, Meagher & Flom reclaiming their places at the top of the chart). Clifford Chance clings to third place in the global league table with a 5 percent revenue drop, while Allen & Overy drops only one notch, to seventh, with a relatively respectable decline of 4 percent. Latham & Watkins leapfrogs both A&O and Freshfields.
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