UK Firms Seek to Amp Up Profits By Cutting Clients
Want to increase law firm profits? Cutting clients may be the right approach, at least a couple of United Kingdom law firms apparently believe.
Both Linklaters and Simmons & Simmons are trying to reduce their client rosters in an effort to put those whose business is most important to the firm at the top of the priority list, according to the Lawyer. Linklaters, which has already begun implementing the strategy, hopes to cut its client tally from 11,000 to 3,000, the legal publication reports.
At Simmons & Simmons, a three-year strategy to focus on 50 global clients “has seen firm’s revenue rise by 48 per cent, from £196 million to £289.3 million,” the Lawyer recounts. (Those numbers are equivalent to about $287 million and $423 million in U.S. dollars.)
However, law firm management hopes to streamline further: “For a firm of our size, 20-25 is a better number,” says managing partner Mark Dawkins.
