We spotted an interesting table in the AFR a few Fridays ago which the paper had lifted from The Lawyer. It is a breakdown of the revenue and profit estimates of the major UK firms. There is little dispute over the firms forming part of the “Magic Circle”, however the “Silver Circle” is a little harder to delineate. All figures are in sterling.
Magic Circle
Slaughter & May
- Revenue = 440,000,000
- Profit per equity partner = 1,840,000
Clifford Chance
- Revenue = 1,197,000,000
- Profit per equity partner = 933,000
Linklaters
- Revenue = 1,183,000,000
- Profit per equity partner = 1,214,000
Freshfields
- Revenue = 1,141,000,000
- Profit per equity partner = 1,406,000
Allen & Overy
- Revenue = 1,050,000,000
- Profit per equity partner = 1,100,000
Silver Circle & Other Major Firms
DLA Piper
- Revenue = 581,000,000
- Profit per equity partner = 527,000
Hogan Lovells
- Revenue = 542,000.000
- Profit per equity partner = 663,000
Herbert Smith
- Revenue = 450,000,000
- Profit per equity partner = 862,000
Eversheds
- Revenue = 355,000,000
- Profit per equity partner = 517,000
Norton Rose
- Revenue = 307,000,000
- Profit per equity partner = 486,000
Ashurst
- Revenue = 293,000,000
- Profit per equity partner = 689,000
Simmons & Simmons
- Revenue = 251,000,000
- Profit per equity partner = 461,000
CMS Cameron McKenna
- Revenue = 214,000,000
- Profit per equity partner = 453,000
Pinsent Masons
- Revenue = 206,000,000
- Profit per equity partner = 410,000
Bird & Bird
- Revenue = 202,000,000
- Profit per equity partner = 486,000
Revenues in Australia were reported by BRW as follows in 2010 (compared with revenue from the previous financial year):
- Minter Ellison – $503m (+2%)
- Mallesons Stephen Jaques – $494.4m (-10.5%)
- Freehills - $477m (-3%)
- Allens Arthur Robinson – $444m (+2% approx)
- Clayton Utz – $442.5m (-9.7%)
- Blake Dawson - $358m (-3.5%)
- Corrs Chambers Wesgarth - $234.2m (-0.4%)
- Norton Rose – $220m (0%)
- DLA Phillips Fox – $217m (-2.7%)
- Gadens – ?$160.3m (+9.2%)
- Baker & McKenzie – $154.1m (-0.6%)
Our largest firm by revenue, Minter Ellison, was roughly equal in terms of revenue with Norton Rose when these figures were reported in 2010 – meaning it would equate with the tenth largest UK firm.
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Don’t you need to convert the Minters revenue to Sterling and then compare?
Hi Bb – is that you in the photo?
Norton Rose revenue = 307million Sterling
Minter Ellison revenue = 503million AUD
We said “rough estimate” because we don’t know the date BRW collected their Aussie revenue figures or the date The Lawyer collected their figures. An historical currency search would thus be of little value.
Interesting results. Good to see mallesons have dropped 10% of revenue. wonder if it has to the do with the reduction of staff approx 1850 pre GFC to approx 1250 odd post.
Suppose there are all those empty desks to and the floors they sit on making a dent in revenue, not to mention staff to generate same said revenue.
It’s not a particularly good comparison when the profit per equity partner of the top tiers isn’t included. Slaughter & May has relatively small revenue but extremely high profits per equity partner, for instance, and they are considered more prestigious than other magic circles with much higher revenues.