They sometimes say that today’s newspaper is tomorrow’s chip paper. Given the content of this week’s special issue, we think we are dealing with paper of the gilt-edged variety. The UK top 50 has had a cracking year off the back of the booming M&A and capital markets. And sitting pretty at the top of the pile is (most of) the magic circle, which has enjoyed its strongest year since the dotcom boom.
Particularly impressive has been Linklaters. For two years running the firm has recorded strong growth against an even steeper rises in profits. This has seen the firm surge past Freshfields Bruckhaus Deringer on profits and turnover to the point where it is in touching distance of becoming the UK’s largest firm and is closing in on Slaughter and May-level profits. This performance directly influenced Freshfields’ landmark decision to ditch its long-cherished all-equity partnership structure.
