Source: FT
Clifford Chance, Allen & Overy and Linklaters, three of London’s “magic circle” law firms, all increased revenue in their most recent financial years but saw partner profits stall amid higher staff costs and lower demand.
The slowdown comes as two of the “magic circle” reach a pivotal moment in a bid to secure a foothold in the US market, with Allen & Overy planning a $3.4bn merger with Shearman & Sterling, and rival Freshfields Bruckhaus Deringer having invested in new offices, including in Silicon Valley.
Freshfields was the only firm in the group to nudge up its partner profits, by 1 per cent, with its equity partners taking home just over £2mn each on average in the year to the end of April…
Read full article: https://www.ft.com/content/e244d32e-2a5b-4410-8e74-2068c9a40954
