UK law firms report flat revenues
Things are looking tough for law firms across the pond. As the financial results begin to roll in from U.K. law firms, the figures arent as rosy as many will like. And the blame firmly is being cast at the troubled European economy.
July 09, 2012 at 08:03 AM
3 minute read
The original version of this story was published on Law.com
Things are looking tough for law firms across the pond. As the financial results begin to roll in from U.K. law firms, the figures aren't as rosy as many will like. And the blame firmly is being cast at the troubled European economy.
Reuters reported last Friday that two of the U.K.'s largest law firms, Linklaters and Freshfields Bruckhaus Deringer, released financial results that indicated plateaued revenues and a decrease in profits per partner for the fiscal year that ended April 30.
Linklaters announced that its revenue rose a meager 0.6 percent last year to £1.21 billion ($1.87 billion). Conversely, the firm's profits per partner fell 3 percent to £1.18 million ($1.83 million).
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