Practical magic - will the magic circle emerge from recessionary hunker?
With results in from three of the magic circle and pretty good indications from Linklaters (Freshfields Bruckhaus Deringer’s being embargoed until tomorrow), the UK’s leading law firms are shown as expected to have managed another year of managing. The numbers are basically fine. With the exception of Allen & Overy’s (A&O’s) 7% hike in revenues, the group has come in roughly static or with marginal growth in the top line. Profits are around where they have been in recent years – Clifford Chance (CC) edging up 8% on profits per equity partner (PEP) to scrape over the £1m PEP mark. All of which leaves the group of transactional deal machines as unassailable as they were before the wheels came off the deal wagon three years ago.
With results in from three of the magic circle and pretty good indications from Linklaters (Freshfields Bruckhaus Deringer’s being embargoed until tomorrow), the UK’s leading law firms are shown as expected to have managed another year of managing.
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