Lovells may not be starring in the M&A tables as much as it would like, but you can’t sneer at a 25 per cent increase in corporate turnover in London. It also looks like the firm’s revenue per lawyer (RPL) figure will be around £316,000 – up from £261,000 last year. That would have made Lovells tie for sixth place with Linklaters in the RPL table in The Lawyer 100. What’s more, revenue per partner has gone up from £1m last year to approximately £1.2m .
In fact, if you make the comparisons with last year, there’s no coherent trend for RPL in the top firms. It looks like Clifford Chance may be posting an increase – around £339,000 compared with £326,000 last year. Herbert Smith, too, will be around £288,000, compared with last year’s £222,000 – a figure that would have got it into the top 10 for RPL last year.
On the other hand, Freshfields and Allen & Overy (A&O) both look like they may be going down; Freshfields from £390,000 to £355,000 and A&O from £343,000 to £334,000. (By the way, we rather like the fact that Allen & Overy’s turnover is now a psychologically important billion dollars – very transatlantic.)
Linklaters’ figures are not included in our story. Guess what? It’s being really coy on both revenues and – get this – the number of lawyers.
These are preliminary figures, so by the time The Lawyer 100 is published in September, there may well be adjustments. Despite all the anxiety in the leading City firms, there’s no apocalypse. But then, the profits figures aren’t in yet.