US leaders set to sustain global push as 2011 performance bucks growth fears. Alex Novarese reports

Mounting turmoil engulfing the eurozone and political wrangling over the US economy hasn't been enough to hold back the world's largest legal market, with early results confirming that America's leading law firms have remained in growth mode for a second year.

A string of 2011 results released from top 100 US law firms have so far shown revenue growth across the board, despite a tougher second half to the year.

Among those posting growth are bellwethers of the national US legal industry like DLA Piper, Mayer Brown, Weil Gotshal & Manges and Sidley Austin (see table).

Buoyed by its merger with Australian ally Phillips Fox and a robust performance from its US practice, firmwide results for DLA Piper look set to establish the firm as the world's largest legal practice in revenue terms (though it maintains separate profit centres for its US and foreign practices).

The results also show growth being achieved in 2011 by a number of firms that have seen revenues fall in recent years, such as Dorsey & Whitney, McDermott Will & Emery and Cadwalader Wickersham & Taft.

New York-focused firms such as Willkie Farr & Gallagher and Paul Weiss Rifkind Wharton & Garrison have likewise posted modest growth, though results have yet to come in for Wall Street's top transactional firms like Sullivan & Cromwell and Simpson Thacher & Bartlett.

Fitting into no particular box is Los Angeles-based litigation specialist Quinn Emanuel Urquhart & Sullivan, which has sustained yet another year of startling growth, with revenues increasing by 31% to $723m (£457m), with profits per equity partner (PEP) up by 15% to hit $4.2m (£2.65m), sealing the firm's position as one of the world's most profitable law firms.

Such outliers aside, the results reflect a bumpy 2011 for US law firms, with many firms seeing relatively robust trading in the first half of 2011 before concerns regarding the global economy and the shock downgrading of America's credit rating by Standard & Poor's impacting on commercial activity in the second half of the year.

early-us-2011-results-tableWith many firms seeing robust recovery in 2010 after a tough 2009, the current crop of results strongly suggest US firms will at least build on their post-banking crisis rebound and most likely secure further solid gains in the short-term.

Research recently published by Citi Private Bank based on a sample of 178 major US law firms similarly concluded that revenue increases in the US were being driven primarily by moderate rate increases and improvements in collections. Based on its research, Citi found major US firms posting an average of 4.1% income growth in 2011.

According to Citi's sample, increases in revenue were partly offset by growth in expenses – meaning growth in PEP at 3.3% was lower than the 7.4% rise seen in 2010 for the same group.

Nevertheless, the increases in revenue look set to sustain the global position of US law firms as they continue to expand in Europe and Asia. A wide array of US-based firms have been investing heavily in the UK and Europe in recent months, among them Dechert, Proskauer Rose and Texan firm Locke Lord, which last November hired a team of partners from Salans to launch its London office.

With some evidence of a return to dealmaking in the New Year, US firms appear to have the confidence and resources to back their continued international push.