Best performance for law firms since 2008 crisis

Nearly half of the UK’s biggest law firms recorded double-digit revenue rises last year, the best performance since before the 2008 financial crisis.
Only 11 of the UK’s top 100 law firms failed to grow last year, research published on Monday showed, with 44 recording revenue increases of 10 per cent or more.
The relatively little-known practice Bond Turner was the best performer of the top 100, having recorded a nearly 40 per cent rise thanks principally to its involvement in the “dieselgate” legislation, representing thousands of clients with their diesel emissions claims against carmakers.
The biggest-growing firm in the top 30 was Kennedys Law, an insurance specialist, which recorded increased revenue in 2023-24 of 22.5 per cent.
Researchers for The Lawyer website noted that Bond Turner’s jump in revenue was driven by overseeing the settlement of 12,000 claims against Volkswagen last year, resulting in a £7.2 million boost to revenue. The law firm still has about 34,000 claims pending with other manufacturers in the litigation, in which it is alleged that car buyers were misled about the levels of dangerous emissions produced by diesel vehicles.
The researchers said that Bond Turner’s revenue was also boosted by its housing disrepair practice, which advises tenants who bring claims against landlords. That team’s revenue was said to have risen from £9.3 million in 2022 to £12.7 million last year on the back of about 900 claims.
Kennedys Law’s performance was said to have been significantly bolstered by contributions from its US practice, which at £384 million accounted for 25 per cent of the firm’s overall global revenue last year.
DLA Piper remains at the top of the website’s revenue league table. Earlier this month it was reported that the Anglo-US practice had become the first in the City to break the £3 billion annual earnings barrier.
Clifford Chance is in second position, with its most recent revenue hitting £2.3 billion as the firm overtook Allen & Overy, which has since become A&O Shearman, on £2.2 billion.
Hogan Lovells is in fourth position on nearly £2.16 billion, with Freshfields Bruckhaus Deringer rounding out the top five on £2.15 billion.
Linklaters, which is part of the so-called magic circle of law firms in the Square Mile along with A&O Shearman, Freshfields, Clifford Chance and Slaughter and May, has fallen out of the top five into sixth position with last year’s revenue of £2.1 billion.