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NewsLine |
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Law | Business | Information | Research | Surveys |
January/February 2006 |
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ALM Research is a business
within ALM Media, Inc. separate from the
Editorial Division. ALM Research does not play a role in the surveys
published by ALM's publications such as The American Lawyer and The
National Law Journal, but works with the data from their surveys after it
is published. ALM Research conducts and publishes other independent research
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In This Issue |
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In the News |
In the Database | Law Firm Financials With Chuck
Lowry, Director of Client Relations |
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§
For
Your Information |
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It's a good thing the big-firm The other day, Chuck Lowry called my attention to the fact
that London-based Allen
& Overy had recently converted to a U.K. LLP, as have many other
British firms. (The U.K. LLP offers much more liability protection than any
U.S. LLP, but U.K. LLPs must file annual financial statements, which are
available for public inspection.) Sniffing the aroma of trend in the air and
noting the possibility of new intelligence sources for our audience, we
contacted Delia Cox, the director of business information at A&O,
to see what she had to say about it. According to Delia, it's a fairly new development, and
though some law firms have chosen to register as LLPs, it's not mandatory.
Firms that decide to convert to LLPs, Delia says, must follow the
requirements spelled out by the Companies
House. As she explains it, the accounts filed with Companies House "are
not a color glossy annual report with lots of pictures. They are [just] the
text of statutory accounts." In other words, they're like the plain text SEC
filings that we've grown used to perusing here, though nowhere near as
comprehensive. The same day, we happened to notice that one of ALM's
publications, Focus Europe,
had just published a story, "Allen & Overy Tells All" by reporter Heather
Smith. According to Smith's story, the "best estimate" is that the top 50
firms in London have switched to U.K. LLP status, or are in the process of
doing so, including the London offices of U.S. firms Mayer,
Brown Rowe & Maw and Shearman
& Sterling. This best estimate came from Richard Turnor at
A&O who has made a "niche practice of advising other firms on their own
U.K. LLP conversion." Other firms mentioned in the story which have converted to
the U.K. LLP structure are Eversheds,
Norton
Rose, and Wragge & Co., while Linklaters
was mentioned as "actively considering" conversion. In fact, a quick search
of the Companies House database revealed that, of the sixteen U.K. firms that
made the Global
100 last November*, only six have converted to the LLP structure. Of
those sixteen not already mentioned, the following are now LLPs: Freshfields
Bruckhaus Deringer, Herbert
Smith, and CMS
Cameron McKenna. Other Global 100 U.K. firms, which have not yet
converted, are Clifford
Chance, DLA,
Lovells,
Slaughter
and May, Ashurst,
Simmons
& Simmons, Denton
Wilde Sapte, Pinsent Masons, and Addleshaw Goddard. Will those *Note: Global
100 information, available through ALM Research Online, goes back to
1997, the first year the survey was reported by The American Lawyer. The
information includes gross revenue, number of lawyers, revenue per lawyer,
profits per equity partner, and additional information about each firm's
"globalness."Am
Law information goes back to 1984, the first year it was reported in The
American Lawyer as "The Am Law 50," and also includes information about
revenues and profits and numbers of lawyers and partners. |
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§
Editor's
Notes |
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§
Now
Available: Products & Services |
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