US Top 50The
Legal Week’s annual table of the top 50
The figures are slightly up on 2005, when the group managed an average turnover increase of 11.5% and a PEP rise of 10.5%. Overall, the top 50 generated more than $40bn (£20bn) in fees during 2006, while the average top 50 firm posted a PEP figure of $1.56m (£785,000).
Internationally-committed firms were among the strongest performers, with Dechert, Jones Day and Fried Frank Harris Shriver & Jacobson experiencing the strongest profits growth.
Fried Frank managing partner Valerie Ford Jacob told Legal Week: “For firms that have been advising in the corporate arena, it has been very international in its nature this year, while litigation and bankruptcy have been slower.”
Kirkpatrick & Lockhart Preston Ellis Gates chairman Peter Kallis commented: “Major US firms are faced with a stark decision. We must align our business model with major clients and potential clients — an international focus with global reach — or face the consequences.”
Domestically-focused firms were hampered by a slowdown in
However,
Regionally,
Texas-based firms also performed strongly with a 14.5% rise in PEP and a 10.7% rise in turnover on average.
Twelve
The results also demonstrate the depth of the
However, growth rates look set to pale in comparison to those at the top
The entire magic circle currently looks likely to achieve at least £1m PEP when the financial year finishes at the end of this month — a result which, if realised, would be further bolstered by the current strength of sterling against the dollar.
Talkback: How impressive is the performance of the top 50 US firms? Who are the winners and loses? The UK top 50 may be growing faster, but will they ever be as profitable as their US rivals? Click here to have your say.
