Garrigues has become the first EU-headquartered firm to pass the €450m milestone after growing its topline by 2.5 per cent in 2023. The firm announced its revenue last year hit a record high of €454.3m, representing a modest increase on the €443.2m it posted in 2022. Most of Garrigues’ revenue was made in its native […]
Hogan Lovells has become a £2bn revenue firm for the first time in its history, after recording a 10 per cent rise in its global turnover. The growth from £1.85bn to £2.2bn puts the firm much closer to a target set by CEO Miguel Zaldivar ahead of his second term in charge. Speaking to The Lawyer […]
US firms’ financial reporting season is upon us. Time to dust off the data comparisons between the top US and UK firms and see which are genuinely leading the way in the global legal market. Everybody loves a ranking and so here’s a new one for you. Unlike single-metric tables that rank firms solely by total […]
The London office of Simpson Thacher & Bartlett added nearly $100m to its top line in 2023, taking City revenue to a record high. Turnover in the London office increased from $378m to $465m. In what London office managing partner Jason Glover described as “a stellar year”, all of the firm’s nine practice groups are […]
US firms are beginning to report their financials for 2023, with Milbank revealing its London office reached $233.8m in turnover last year. The $233.8m figure represents growth of 9.7 per cent, the firm announced. This means that the firm’s London office has grown its revenue by nearly 50 per cent in five years. It made […]
Quinn Emanuel Urquhart & Sullivan’s London office turnover has shot up by 47 per cent to just under £200m. The results come after several years of slower turnover growth at the disputes-focused firm. Over 2022, revenue went up by 5 per cent to £133.6m, while turnover stalled in the previous year. Now turnover has reached […]
Norton Rose Fulbright has splashed half of its net cash on investing in its offices, IT, legal tech tools and training, according to the firm and its latest LLP accounts. For the year ending April 2022, the firm had £47.1m cash in the bank for its Europe, Middle East and Asia (EMEA) operations. The firm’s cash […]
Personal injury and clinical negligence firm Simpson Millar made a pre-tax loss of £6.3m in the 2022 financial year, and is due to repay a £25m loan to its parent company Doorway Holdings in December 2023, its accounts on Companies House show. The firm’s turnover was £31.3m in 2022, up slightly from £29.9m; however it […]
Osborne Clarke is considering increasing partner capital to help fund the accelerated tax payments necessitated by HMRC’s basis period reforms. The firm is understood to be reviewing the level of partner capital it currently has in its UK LLP to assess if it is sufficient both for tax payment purposes and to help fund investments […]
Harbottle & Lewis is the latest firm to confirm to The Lawyer that it will be changing its financial year-end due to new HMRC rules related to basis period reporting. HMRC’s new rules, which took effect from the 2023/24 financial year starting 6 April, seek to simplify tax payments by taxing a business’ profits in the tax year […]
PEP has long been a marker for firms of profitability, efficiency, even excellency. Firms brandish them as badges of honour and headlines report on them every year. PEP up! PEP down! Firm bucks trends as PEP rises amid economic downturn! The obsession is rife, and has long been thought to showcase how well a firm […]
Boodle Hatfield has joined a raft of firms that have confirmed they will be switching their financial year-end to 31 March due to HMRC’s new tax rules, joining Mishcon de Reya, Macfarlanes, Burness Paul and Weightmans. The new rules will cause administrative headaches for finance teams as they enable HMRC to tax a business’ profits in the […]