MERGER
PUSHES NEW ENTRY INTO TABLES
The
UK’s top solicitors tables seem to have tightened
their belts over the summer, shedding two well-established
law firms in Freshfield’s and Allen & Overy.
This
quarter sees a new face in the solicitors tables
in the form of Hammond Suddards Edge. The merged
Hammond Suddards and Edge Ellison has a combined
client total of 43. In the last survey the two
weighed in at only 18th and 34th respectively,
this time, however, they have stormed into tenth
position. Hammonds has just under 25 per cent
of its clients listed on AIM and indeed advised
on the placing of five new companies to the market.
Over the past three months, Channel Health, Empire
Interactive and WAP Integrators have all joined
the market with the help of Hammonds.
The
struggle for corporate legal advice has intensified
further up the league. While Slaughters has strengthened
its position at the top there has been considerable
jostling just behind them. Linklater’s has been
the unfortunate casualty, down to fourth on the
back of a 2.5-point loss. Evershed’s, which seems
to have been rooted to fourth position for an
eternity, has shot up two places. It now advises
93.5 clients, including Jennings Brothers and
Peacock Group.
The
continually changing fortunes of Linklaters and
Slaughters in the client pre-tax profit table
have taken yet another turn. Linklater’s has gained
top spot with an impressive £577.8m leap in client
profit figures. This was due, in part, to impressive
results from the likes of Dixon’s (up to £472.1m
in the year to April) and Cookson (up £62.2m in
its last reported year).
Newcomer
Hammonds was also tenth place in this league.
It can thank clients WPP, Morrison (Wm) and FKI
who combined to register £601.4m in profit. Herbert
Smith recorded the most impressive climb of the
table, up to third position. Its client’s profits
were up £802.2m, and include highly charged Scottish
& Southern Energy, who were up £525.8m in their
last reported year.
Clifford
Chance and Herbert Smith have both faired exceptionally
well in the two growth tables. Both have turned
around negative client EPS growth figures to become
the only two in the table to have a positive return.