Law Firms
$2.4M in Profits Per Partner Could Bring 3 More U.K. Law Firms into Top 10
Posted Feb 15, 2008, 07:20 am CST
By Debra Cassens Weiss
Three more law firms based in the United Kingdom are “tantalizingly close” to making the top 10 list of the world’s most profitable firms, the American Lawyer reports.
Already in the top 10 are U.K. firms Linklaters and Slaughter and May. Now three more firms are nipping at their heels: Allen & Overy, Clifford Chance and Freshfields Bruckhaus Deringer.
The legal magazine bases its assessment on initial profit reports by U.S. law firms. Firms making the top 10 will need profits per equity partner of at least $2.4 million—an attainable figure, if the three firms post growth of 16 to 18 percent.
Among the U.S. law firms recently reporting profits per partner above the $2 million mark are Skadden, Arps, Slate, Meagher & Flom; Latham & Watkins; Milbank Tweed Hadley & McCloy; and Weil Gotshal & Manges.