The American Lawyer reports…
Linklaters has pushed Clifford Chance aside as the largest global law firm based on revenues. The firm released its 2008-09 financials on Friday, reporting a slight increase in revenues and a drop in profits per equity partner.
The report goes on to say:
Gross revenue for the fiscal year was £1.298 billion ($2.407 billion), a 0.4 percent increase from the £1.293 billion ($2.589 billion) in revenues earned in 2007-08. The amount exceeds the revenues earned in the same period by Magic Circle rival Clifford Chance, which last week reported a 5 percent drop in revenue to £1.262 billion ($2.34 billion).
Profits per equity partner (PPP) fell 7 percent from £1.29 million ($2.595 million) to £1.2 million ($2.22 million). (Note: In dollar terms, Linklaters’s revenues actually fell given the weakening British pound.)
In a statement released by the firm, Linklaters managing partner Simon Davies commented: "Our results reflect exceptional circumstances. They are a credit to our people and their outstanding teamwork, creativity, and commitment. This will stand us in good stead to work closely with our clients as together we face a challenging year ahead."
Full report at http://amlawdaily.typepad.com/amlawdaily/2009/07/linklaters-results-.html
