SIGNS of the damaging effects of the global recession on law firm business came as the top 10 US law firms with offices in London reported an average double-digit fall in financial figures for 2009.
Often described as the bellwether for how the UK’s law firms will report finances for the year, US firms saw an overall average drop of around 12 per cent in London revenue in 2009.
White & Case, which held on to its spot as the top US firm by revenue, saw London fee income fall from $245.9m to $197m for the year, while Baker & McKenzie saw its numbers fall to $184.5m.
“International law firms with offices in London which have heavily relied on transactional practices had a difficult year in the aftermath of the Lehman Brothers crash,” said Baker & McKenzie London managing partner Gary Senior.
US firms have been particularly hit by the drop off and lack of M&A work, as well as a fall off of banking and capital markets work.
