Magic Circle Firms on Pace to Become Among World's Most Profitable
Six months into their current financial year, the United Kingdom's largest firms are continuing the impressive growth that characterized the 2006–07 financial year. In an era of increasing transparency in law firm performance, many managing partners spent the first week of November confirming double-digit growth in revenues, with two Magic Circle firms reporting that they're on pace to reach or exceed the $2 billion mark for the year. (The financial year for most U.K. firms runs from May 1 to April 30.) Banks may be facing dramatic losses thanks to the credit crunch, but U.K. law firms continue to enjoy the kind of benign economic conditions that have seen them enjoy huge growth in revenues and profits.
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