Since the early days of our Global 100 survey, which ranks the world’s largest law firms by revenue, it's always seemed that global expansion is the key to greater profits. But when one reviews the performance of individual firms in 2010 or charts it over time, it's unclear whether there is a causal relationship between the two. Star performers can be found among the most stubborn homebodies and the most persistent imperialists. As for last year's biggest gainers, the group includes four Australian firms that benefited from a strong currency; Norton Rose, which linked up with an Australian firm; and the litigators at Quinn Emanuel Urquhart & Sullivan, who actually won new business. Two vereins also cracked our top ten for the first time—one (Hogan Lovells) by virtue of a new law firm combination, the other (DLA Piper) by virtue of a methodological change on our part that recognizes a union that has by now been around for some time. Sometimes, global expansion does pay off.
For the world's highest-grossing firms, global reach doesn't always equal higher profits.
THE FEATURES
Empire BuildersSince 1999, the world’s 50 highest-grossing firms have become much more profitable and much more globalized. Is there a connection?
Ice StormThe failure of Iceland's banks threatened to bankrupt the nation. A handful of Icelandic lawyers and their foreign counsel put the country on the road to recovery.
When Opportunity KnocksHow Clyde & Co absorbed an ailing rival and pulled off the biggest U.K. law firm merger ever.
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For the world's highest-grossing firms, global reach doesn't always equal higher profits.
