City law firms beat the crunch
The City’s biggest law firms look set to beat the credit crunch, topping revenues of £1bn last year.
All four of the firms that make up the “magic circle” posted earnings over £1bn and showed double digit growth, with Clifford Chance holding the top spot as the world’s largest law firm with revenues of £1.33bn, according to trade magazine The Lawyer.
Among London firms, Freshfields produced the most profit per partner at £1.44m each, followed by Linklaters, Clifford Chance and Allen & Overy.
All four experienced strong growth in emerging markets such as China, Eastern Europe and the Middle East, which they expect to continue and will help soften the effects of the credit crunch at home.
“I’m confident the firm is well positioned for the less favourable market conditions that we’re still likely to face,” Clifford Chance managing partner David Childs was quoted saying.
Meanwhile, trainee solicitors hired in 2008 were paid more than those joining investment banks, said the Association of Graduate Recruiters.
