In last month’s City Signal 2024 predictions report, we outlined our belief that by the end of the decade a group of firms that are notable both for their global scale and high profitability would be more clearly identifiable than they are today.
In this month’s City Signal, we have produced a new ranking using The Lawyer’s new global elite index to help identify the potential members of this group. This ranks firms on their revenue, margin, profit per equity partner (PEP) and revenue per lawyer (RPL) generated in their most recently published financial results (2022/23 for UK firms, 2022 for US firms).
The most striking aspect of this is the complete absence of any one of the UK magic circle among the top 22 firms. And while it is worth underlining that this analysis is based entirely on financial metrics, and consequently naturally favours the US firms, the magic circle firms hardly have to be told that they need to find a way to ensure they are in this group as it evolves over the coming decade.
This report also includes an analysis of the magic circles firms’ growth trajectories in the US and insights from industry experts on the firms poised for global dominance in the next decade.
Read the full report here
