Big law firms increase income but it’s tough at the top
There has been an increase in income for the top 100 law firms in the UK, according to new figures from accountancy giant Deloitte. It’s not the biggest firms that are behind the increases though, as the top 10 have seen a decline of 2.7 per cent for the first quarter of the year. Overall, the top 100’s revenue has risen by 6.1 per cent with mergers and acquisitions in the profession driving the increases. The top firm’s decline in income is due to some tough times for the pound and also lower numbers of fee-earners.
Bingham McCutcheon and Morgan Lewis & Bockius merger agreed
Two of the largest US law firms, Bingham McCutcheon and Morgan Lewis & Bockius have agreed to merge according to Reuters. Late last week we reported that 22 partners from Bingham’s London and Frankfurt offices are joining Akin Gump but the merger would create one of the top 5 largest law firms in the world with 2000 lawyers and revenues of US$2 billion.
DLA Piper loses Indian head to Squire Patton Boggs
DLA Piper has lost another partner from its Asian region as Biswajit Chatterjee has jumped ship to Squire Patton Boggs. The former co-head of DLA Piper’s India group based in Singapore has a similar role with his new firm and will focus on launching a new corporate practice.
Baker & Hostetler attorney pulls out of case against US President
An attorney with law firm Baker & Hostetler has pulled out of representing a case against President Obama over abuse of his executive power. It’s reported that David Rivkin’s decision was taken as a number of clients of Baker & Hostetler were unhappy at the firm taking part in such a partisan case. House Republicans have now appointed William Burck of Quinn Emanuel Urquhart to take on the lawsuit, which has been dismissed by democrats as a publicity stunt.