Riders on the storm
The breathtaking speed of the legal profession's growth has come to a sudden halt with the collapse of global stock markets, the slowdown in transactional activity and the Enron and WorldCom scandals. But, writes Philip Hoult, it is not all bad news for solicitors' firms
During the 1990s the legal profession evolved at breathtaking speed. On the back of a boom in transactional work such as mergers, stockmarket flotations and major projects, many of the UK’s top commercial law firms grew at an unprecedented rate. Turnover at magic circle firm Allen & Overy, for example, grew from £112m in 1994 to £576m last year.
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