List of Top Firms Has ‘an American Accent’; Baker & McKenzie Is No. 1
The weak sterling helped topple two British law firms from their first- and second-place spots in this year’s Global 100 list of the world’s top-grossing firms.
Last year, Linklaters and Freshfields Bruckhaus Deringer topped the list, but now they are ranked fourth and sixth, the American Lawyer reports. They were replaced by two U.S.-based firms.
Besides being hit by the weak sterling, British firms had to grapple with layoff requirements for notice and severance. Tony Williams of the consultancy Jomati told the American Lawyer that the mandates make layoffs about three times more expensive than in the United States.
The publication says the Global 100 list has “a decidedly more American accent” this year and includes “five Yankee newcomers”: Jenner & Block, Littler Mendelson, Sheppard Mullin Richter & Hampton, Troutman Sanders, and Venable. Overall, “some 79 of The Global 100 are U.S.-headquartered,” the story says.
The American Lawyer list puts these firms in the top five:
1) Baker & McKenzie
2) Skadden, Arps, Slate, Meagher & Flom
3) Clifford Chance
4) Linklaters
5) Latham & Watkins
It’s a down year overall for firms on the list. Gross revenue was down 7 percent, while head count and revenue per lawyer dropped 3 percent.
