A survey conducted by The Lawyer.com has revealed that several of the City's leading law firms increased their revenue substantially in fiscal 2002-03.
The news service's Law Firm Turnover 2002-03 study showed that Lovells performed particularly well, boosting its turnover by 20% to £390 million over the last financial year.
Allen & Overy, and Herbert Smith reportedly saw growth of 7% and 7.5% respectively. However, Clifford Chance and CMS Cameron McKenna both achieved around the same in turnover as they had during the 2001-02 financial year, results which were put down to the stale UK and global economy.
Many City law firms have not yet finalised their profit figures, according to The Lawyer.com. However, it is anticipated that the majority will announce disappointing results, with profits down on the previous fiscal year.
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