DLA tops UK rankings on global measure as emerging law groups reshape market
Posted by | Posted in Law Advisor | Posted on 20-07-2011
DLA Piper tops a new ranking of the UK’s largest law firms by turnover taking into account revenues generated across both UK and international profit centres during 2010-11.
The firm’s total revenues of £1.268bn against global profits per equity partner (PEP) of £735,000 mean that it heads new ranking, which includes full global revenues of UK law firms operating through both Swiss verein structures, like DLA, and formal alliances, such as Eversheds International and CMS Cameron McKenna.
Including global revenues where US and international operations are not fully financially integrated significantly changes the landscape at the top end of the UK legal market.
Of the eight firms to see additional revenues from international operations included, Hogan Lovells is the only firm that does not move further up the equivalent rankings as a result.
The transatlantic firm, which has maintained two separate profit pools under a Swiss verein structure since its merger went live in May 2010, holds onto sixth place in both tables despite its revenues almost doubling from £582m to £1.078bn when including fee income from both the US and non-US parts of its business.
DLA moves from number five in the UK profit-centre revenue rankings to number one – ahead of magic circle firms Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy, while Norton Rose moves from 10th place to eighth when including fee income generated through its merger with Australia’s Deacons, which went live on 1 January 2010 and is also structured under a Swiss verein.
Squire Sanders Hammonds and SNR Denton, meanwhile, jump 12 and nine spots respectively on the back of their transatlantic mergers, which add around £300m of revenues to each of their UK operations.
Norton Rose chief executive Peter Martyr commented: “It has been a pretty massive year for us in terms of our ambitions, particularly in terms of securing mergers with Deneys Reitz and Ogilvy Renault. We have built ourselves a platform which has performed very well and which we think has transformed our brand.”
Firms using formal international alliances also see significant increases in revenues. The CMS network, for example, which counts nine firms across Europe including CMS Cameron McKenna, moves from 14th place to seventh, with revenue standing at £656.7m for the 2010-11 financial year compared with £225m in the UK, with Eversheds also gaining more than £100m of additional revenues.
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