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The American Lawyer's Global 100 Issue: Magic Circle Firms Hedge Globally; Baker & McKenzie Sees Payoff from Overseas Growth; Legal Spoils of the Oil Patch
NEW YORK-(Business Wire)-October 2, 2008 - This month, The American Lawyer, in conjunction with Incisive Media sibling Legal Week, unveils the 2008 Global 100 rankings of the world’s largest law firms based on gross revenues, headcount and profits per partner for FY 2007. Looking beyond last year’s record achievements to the impact of the current financial meltdown, the magazine reports that the growth of international networks at the U.K.’s Magic Circle firms -Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters - may leave them better prepared to weather the storms ahead. Also in this issue, a profile reveals that Baker & McKenzie is finally getting respect for its global expansion, while law firms are finding out that energy industry practices can be a great spot to ride out a recession. For these and other stories, as well as Global 100 charts, visit www.americanlawyer.com.
“The English Advantage†by correspondent Richard Lloyd examines how the Magic Circle have shed partners, expanded their reach and tightened their management controls. Their hedge strategy has been geographic: spreading risk across several continents. These international networks are now producing more revenue for their firms than their massive London offices. At Clifford Chance, for example, about $1.56 billion of the firm's $2.66 billion in revenue came from international offices, with a growing proportion from emerging markets. As a result, the U.K firms are in their strongest position entering this downturn since the nineties. And, in the short term, they look more resilient than many of their U.S. counterparts.
Reporter Vivia Chen profiles the achievements of Baker & McKenzie under John Conroy. Long derided for its many offices, Baker & McKenzie is finally getting respect for pioneering the global law firm. Now, when many firms with big financial practices are struggling, Baker is thriving, particularly in China and emerging markets. For the past four years, the firm has seen double-digit revenue growth; for FY 2008, it broke $2 billion in revenues. Moreover, its PPP has climbed 85 percent in the last four years. Amazingly, Baker has achieved these marks even as it has increased its equity partner ranks by 16 percent since 2004, bucking an industry trend.
In “Oil in the Blood,†reporter Michael D. Goldhaber analyzes how expensive oil has powered a strong countercyclical practice at the largest global firms. To the Texas outfits that kept the faith through the long price slump that began in 1987, it presents both an opportunity and a challenge, as their traditional hold on energy clients is contested by international rivals.
Finally, in a provocative opinion piece, legal professor and expert Stephen Gillers posits that in the global law era, local admission is an outmoded way to regulate lawyers. Gillers contends that globalization is eroding the near-monopoly power of American states to credential lawyers who practice Big Law, as that power shifts to other nations, the firms themselves and law schools.
To subscribe or request back copies of The American Lawyer, including copies of the October issue, please call (800) 755-2773 or (212) 545-5990 outside the U.S. An electronic edition of the magazine can also be purchased online at www.americanlawyer-digital.com/. The American Lawyer is published in print and online by Incisive Media.
Incisive Media is a leading global provider of specialized business news and information, in print, in person and online. The company’s principal markets include commercial real estate, financial services, legal services, marketing services and risk management. Incisive Media's market-leading brands include Accountancy Age, Computing, Investment Week, Legal Week, Post, Real Estate Forum and The American Lawyer. For more information, visit www.incisivemedia.com.
The American Lawyer and Real Estate Forum are registered trademarks of ALM Properties, Inc.
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