More examples that the lawyers are have having a ball in the credit crunch: Linklaters, one of the so-called “magic circle” of UK law firms, narrowly avoided overtaking rival, Clifford Chance, when it announced record turnover for the last financial year – with revenue up an impressive 15%. The boss, Simon Davis, put the increase down to expansion into new countries where they sell in specialist and complex multi-national advice. Not that Linklaters’ were alone. For the first time all four of the City’s top four firms all have earned fee income in excess of £1 billion. Clifford Chance remains the biggest, then Linklaters, then Freshfields Bruckhaus Deringer followed by Allen & Overy. What’s interesting is the 5th firm on the list, Lovells, reported revenue of £479m – impressive, but over half of what Allen & Overy made. So the gap between the big four and the medium or smaller law firms is widening. What you’ve got to ask is whether that threatens your security or narrows your prospects if you choose to work for a smaller firm..?

Tags: accounting, Clinet Service, Large and small, law, Legal, new jobs, profits

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