A substantial number of top 50 law firms will this year unveil falls in revenue despite many City practices maintaining fee income at 2008 levels.Initial indications for the 2008-09 financial year are that a slight majority of firms will see falls in revenue - comprising the first fall in legal service demand in recent memory - while profits will fall by more than 10% in many cases.However, a number of major City firms are on course to post broadly static revenues or modest increases, including Herbert Smith, Lovells, Simmons & Simmons and CMS Cameron McKenna. This group is, however, generally expecting falls in profitability.
May 21, 2009 at 01:33 PM
1 minute read
The original version of this story was published on Legalweek
Top 50 revenues set to edge down but City firms match 2008 fees
A substantial number of top 50 law firms will this year unveil falls in revenue despite many City practices maintaining fee income at 2008 levels.
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