REVENUE REVS UP - The U.K.’s largest law firms managed their strongest average revenue rise since before the financial crisis, according to this year’s Top 50 rankings, despite growing economic and geopolitical headwinds, Law.com International’s Hannah Walker reports. The firms grew their fee income by 10.9% on average in the last financial year, a noticeable improvement on the previous year, when the average rise was 5.9%. It was the largest average rise in revenue since the 2007-08 financial year, when turnover rose 12.5%. Almost half—19 firms—posted double digit revenue increases, compared with 11 in the previous year. Only four firms posted a fall in revenue, compared with 10 in the previous year. However the U.K. firms’ growth lags that of their U.S. counterparts, with the Am Law 100 recording a collective revenue growth of 14.8% for 2021, led by Kirkland & Ellis and Latham & Watkins.
WHAT YOU SAID
“I learned that the legal profession is more nimble and more amenable to change than I would have believed.”