US law firms see double revenue dip
Headline News
SIGNS of the damaging effects of the global recession on law firm business came as the top 10 US law firms with offices in London reported an average double-digit fall in financial figures for 2009.
Often described as the bellwether for how the UK’s law firms will report finances for the year, US firms saw an overall average drop of around 12 per cent in London revenue in 2009.
White & Case, which held on to its spot as the top US firm by revenue, saw London fee income fall from $245.9m to $197m for the year, while Baker & McKenzie saw its numbers fall to $184.5m.
“International law firms with offices in London which have heavily relied on transactional practices had a difficult year in the aftermath of the Lehman Brothers crash,” said Baker & McKenzie London managing partner Gary Senior.
US firms have been particularly hit by the drop off and lack of M&A work, as well as a fall off of banking and capital markets work.
Related listings
-
Law firm Mayer Brown lays off more lawyers
Headline News 04/12/2010Mayer Brown continues to hemorrhage lawyers, despite what the Chicago law firm says are "encouraging signs" for 2010.The international firm said Thursday that laid off 28 lawyers in its U.S. offices, which represents 3 percent of the approximately 92...
-
Baltimore Law firm Ober Kaler to move
Headline News 04/09/2010One of Baltimore's largest law firms, Ober Kaler, will move its headquarters by next April from the Sun Trust Bank building downtown to the 100 Light Street office tower a few blocks away.Lexington Realty Trust, which owns the 35-story office tower, ...
-
Conflicts Force Big Law Firms to Lose Clients
Headline News 04/07/2010Big blue-chip law firms are losing potentially lucrative assignments to smaller firms even as the industry sees a spike in lawsuits against banks stemming from the financial crisis. The reason for the change: ethics rules that govern conflicts of int...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.