18 Aug 2021

UK law firm financial results tracker

How have the top practices fared over the Covid-19 pandemic? Monitor the 20/21 results as they are posted

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Talaj; Shutterstock

Few could have predicted at the outset of the Covid-19 pandemic quite how well many of the largest business law firms would perform. Many looked back to the impact of the financial crisis of 2007-8, and its aftermath, expecting a similar wave of redundancies to follow. And yet, as consultant Tony Williams pointed out in a Q&A with GLP in April last year, the circumstances were in fact very different. "There was a massive liquidity crisis; the banks didn’t trust each other to lend money," he said. "We don’t have that. There is no shortage of liquidity with the risk of the whole economy grinding to a halt."

After a brief lull, deals came storming back, and law firms learned how to adapt to lockdown. Many ended up benefiting from lockdown-associated cost savings, at least in the short term, although the debate over the sustainability of remote working continues.

Keep track of how the UK's largest firms have performed during the pandemic with the GLP UK law firm financial results tracker.

Date Firm Revenue (£m) % Change PEP (£k) % Change
18 August DAC Beachcroft 275 7% 700k 19%
17 August Withers 243.7 11% 660k 32%
12 August Irwin Mitchell 275.8 2% n/a n/a
12 August Shoosmiths 154.1 9% 658k 41%
11 August Linklaters 1,674 2.1% 1,773k 9.9%
9 August Travers Smith 185.7 15.4% 1,220k 21.5%
9 August HFW 200.2 2.6% 683k 29.8%
2 August DLA Piper 2,166 2% 1,190k 7.7%
30 July Addleshaw Goddard 321 12% 849k 23%
30 July Osborne Clarke 341(€) 7% n/a n/a
30 July Freshfields Bruckhaus Deringer 1,590 5% 1,910k 5%
29 July  Clyde & Co  639.6 2% 715k 7.5%
27 July Watson Farley & Williams 177 (1.4%) 533k (4.2%)
27 July Macfarlanes 260 10% 2,000k 9.2%
27 July Ince 100.2 4% n/a n/a
22 July RPC 136 23% 634k 49.5%
21 July DWF 400.9 12% n/a n/a
21 July Ashurst 711 10% 1,038k 15%
20 July Clifford Chance 1,828 1% 1,850k 9%
16 July Simmons & Simmons 437 12% 980k 30%
16 July Dentons UK, Ireland and Middle East 221.1 1% n/a n/a
15 July Taylor Wessing UK 175.5 12% 685k 18%
15 July Allen & Overy 1,770 5% 1,900k 17%
14 July Knights 74 41% n/a n/a
13 July Eversheds Sutherland International 629 6% 984k 9%
13 July Herbert Smith Freehillls 1,038 5% 1,099k 28%
13 July FieldFisher 290 6% 860k 22%
13 July Stephenson Harwood 209 (1.9%) 685k n/a
9 July Kennedys 264 11% n/a n/a
5 July Pinsent Masons 503 1.5% 636k 16%
5 July CMS UK LLP 567 0.17% n/a n/a

 

UK Top 50 average revenue and PEP change to date*

Revenue 6.8%
PEP

19.8%

*Calculated as the average of the reported percentage increases

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