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International Edition

DLA stretches global rankings lead as mergers reshape legal hierarchy

DLA Piper continued to expand its global business at a greater rate than the magic circle last year, according to Legal Week's global rankings, which account for revenues generated across both UK and international profit centres. Combined revenues for DLA's international and US partnerships grew by 9.9% to £1.54bn for 2012, 50.7% of which came from the international partnership, which includes UK revenues. Global lawyer headcount grew 13.9%, while partner numbers fell 2.7%. The results consolidate the firm's status at the pinnacle of the global revenue rankings for UK firms, ahead of second-placed Clifford Chance, which recorded a 2.5% fall in revenue to £1.27bn.
3 minute read

International Edition

2012-13 case studies: Macfarlanes

Macfarlanes defied the depressed UK and European markets this year to record its second set of strong financial results in a row, with revenue up by 11.6% and profits per equity partner (PEP) increasing by 9.5% for 2012-13. Revenue at the top 30 firm climbed from £102.3m to £114.2m with PEP rising from £903,000 to £989,000 - within touching distance of the £1m landmark the firm achieved during the credit boom. The figures follow another successful performance in 2011-12, when revenue grew 7.9% and PEP was up 20.1%. However, Legal Week's five-year comparison shows that the firm is still rebuilding its profitability following the downturn, with PEP remaining 10% below the £1.1m achieved in 2007-08 and revenue up just 4%.
3 minute read

International Edition

UK top 20: five-year growth

UK top 20: five-year growth
1 minute read

International Edition

UK top 50 push combined revenues past £13bn as PEP growth falters

The UK's top law firms have achieved a third consecutive year of growth despite the continued unsettled economy, with combined revenues for the 50 largest firms forcing their way through the £13bn mark. Legal Week's 2012-13 results show that total revenues across the top 50 law firms grew almost 5% on the previous financial year to hit £13.54bn, while average income growth across the group stands at 6.9%.
1 minute read

International Edition

Freshfields adds to pro bono efforts with London Gay Games advice

Freshfields Bruckhaus Deringer has become an official supporter of London's bid to host the 2018 Gay Games. The city has been shortlisted to host the event alongside Paris and Limerick, with a final decision expected to be announced by governing body, Federation of Gay Games, in October. As well as sponsoring the bid, the firm is providing London's bidding team with pro-bono legal advice and non-legal advice, drawing upon the experience gained through its role as sole legal services provider to the 2012 London Olympic and Paralympic Games.
2 minute read

International Edition

Macfarlanes, Olswang act on sale of steak in Hawksmoor restaurant chain

Macfarlanes and Olswang have taken roles on the buyout of London steak restaurant chain Hawksmoor by Graphite Capital. The deal sees the mid-market buyout house acquire a majority stake in the chain, valuing the business at a reported value of around £35m. Macfarlanes advised Graphite Capital - a longstanding client of the firm - on its acquisition of a share in the business from its owners Underdog Restaurants.
2 minute read

International Edition

Linklaters and Slaughters see September retention rates rise

Linklaters and Slaughter and May are both keeping on more than 85% of their September-qualifying trainees, with the magic circle pair increasing their retention rates on last year. Linklaters has retained 87% of its newly qualified (NQ) lawyers after offering 47 trainees a job out of a 54-strong cohort. Two NQs chose not to apply. The figure is up on a retention rate of 78% this time last year.
2 minute read

International Edition

Weil Gotshal loses high-flying London litigator to Sidley Austin

Sidley Austin has hired Weil Gotshal & Manges litigation partner Matthew Shankland to its disputes resolution group in London. Shankland, who represents clients in commercial disputes in the higher courts, the European court and arbitration tribunals, has a particular practice focus on alternative dispute resolution and cross-border bankruptcy and insolvency work for financial institutions.
2 minute read

International Edition

DWF cuts 38 fee-earner roles following redundancy consultation

DWF has made 38 fee-earner roles redundant following the completion of a consultation which kicked-off in May. The consultation, which placed around 80 jobs at risk across its Manchester, Coventry, Teesside and London offices, forms part of a wider restructuring which also saw 38 roles axed in its central services team earlier in the year. The firm declined to give a breakdown of where the reductions in headcount were made.
2 minute read

International Edition

Twenty-two DLA Glasgow staff take redundancy after Edinburgh trial

A team of 22 DLA Piper staff have turned down the opportunity to relocate permanently to Edinburgh from Glasgow following the end of a three-month trail. The test period, which came to an end on 1 July, was introduced after the firm decided to close its 85-strong Glasgow base in April following a review of its UK operations. After initially making 45 staff redundant, the firm offered 30 staff the chance to switch to Edinburgh along with the office's 10 partners.
2 minute read

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