In the mid- to late-1990s, just when the magic circle was embarking on its invasion of Europe and the rest of the world, a familiar name in the City was sliding down the ranks. Penningtons, the City and southeast firm which, together with the likes of Allen & Overy (A&O), was famously tipped for greatness in the Legal 500s of the late ’80s and early ’90s, now sits firmly outside the top 50 UK firms by turnover.
But while Penningtons might not have achieved the heights of A&O, it has proved itself more resilient by far than a number of other firms that appeared in the same bracket in 1989, which have disappeared altogether or been swallowed up by larger rivals. So how did Penningtons survive a fall that would have spelled the end of a lesser firm?
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