Allen & Overy, Ashurst and Olswang have all posted major hikes in turnover for the first half of the year.
Ashurst had a sterling six months, with revenues for 1st May to 31st October up 12% to £154million. However, the firm gave itself only two cheers with Managing Partner Simon Bromwich saying that "activity can be expected to soften significantly in the coming months and we are, therefore, cautious about the second half".
Meanwhile A&O announced that its figure for the same half year period was £582million, up 11% on the 2010 figure of £526million. And ManagingPartner Wim Dejonghe shared Bromwich's pessimism, saying that there had been "a healthyperformance in the first half of the year, however with the Eurozonesovereign debt crisis and the US credit rating downgrade, we expect the second half to be slow.
But the strongest performer so far has been Olswang, scotching rumours in the market (not helped by the firm slashing its grad rec programme) that it's in difficulty. Revenues were up a whopping 20%.
Despite the uncertainty in the market clearly there's still plenty of law to be done. Other firms will announce their figures shortly, so watch this space.
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Ashurst had a sterling six months, with revenues for 1st May to 31st October up 12% to £154million. However, the firm gave itself only two cheers with Managing Partner Simon Bromwich saying that "activity can be expected to soften significantly in the coming months and we are, therefore, cautious about the second half".
Meanwhile A&O announced that its figure for the same half year period was £582million, up 11% on the 2010 figure of £526million. And ManagingPartner Wim Dejonghe shared Bromwich's pessimism, saying that there had been "a healthyperformance in the first half of the year, however with the Eurozonesovereign debt crisis and the US credit rating downgrade, we expect the second half to be slow.
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A half empty glass yesterday, which the Eurozone crisis is about to kick over and smash into a thousand pieces |
But the strongest performer so far has been Olswang, scotching rumours in the market (not helped by the firm slashing its grad rec programme) that it's in difficulty. Revenues were up a whopping 20%.
Despite the uncertainty in the market clearly there's still plenty of law to be done. Other firms will announce their figures shortly, so watch this space.
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Another issue is that if you are starting from a very low base - one which has been very low for some time now, then any increase is at best putting you back where you should have been and not really an improvement.
(Although totally disagree that a medium sized firm should give up on international expansion - the future growth of many clients will be abroad - to follow them means boosting the firm's revenues and profits - and in turn helping (in the long term) to hire in a larger number of associates. Foreign offices are also a cool place to go as an associate - better than being stuck in the City forever.)