US law firms dominate UK corporate work earnings
updated on 09 August 2024
Three US law firms are among the top five earning legal practices for UK corporate work, researchers at The Lawyer reveal, stating that the figures demonstrate further “Americanisation” of the UK’s legal market.
US firms Kirkland & Ellis International LLP and Latham & Watkins surpassed the nearest English rival, Linklaters LLP, taking £422 million and £263 million from UK offices, respectively. Simpson Thacher & Bartlett, which is headquartered in New York, came in fifth, with a UK income of more than £204 million. Prior to its merger with Shearman & Sterling in May this year, UK magic circle firm Allen & Overy made nearly £214 million, bringing the firm into fourth place after Linklaters, which earned £263 million.
The rest of the UK’s magic circle followed shortly after. Slaughter and May secured just under £200 million, while Freshfields Bruckhaus Deringer LLP, an Anglo-German firm, made £192.5 million and Clifford Chance closed £173 million. Other UK firms rivalled the magic circle, as Eversheds Sutherland (International) LLP, an Anglo-US practice, earned £185.7 million and Herbert Smith Freehills LLP made £150 million.
Speaking to The Times on US firms’ high earnings, the managing partner at Clifford Chance, Charles Adams, explained that “there is no doubt that many US corporate clients pay more for legal services”. However, he also noted that “all competition is good” and could drive up rates at all City firms.
