Law.com International: Global 200 - Melinda Wallman Offers Insight Into UK Market
How did law firms fare in the U.K. in 2020, and what lies ahead? London partner Melinda Wallman shared insight with reporter Dan Packel for The American Lawyer/Law.com International's 2021 Global 200 rankings package.
An excerpt:
“The profitability figures from the top London firms still show a picture of health. Slaughter and May continued to lead the pack in the U.K. at $2.9 million in PEP, but it lost three places, sliding to 27th in the rankings. Allen & Overy gained three places, however, vaulting past Alston & Bird, Winston & Strawn and Clifford Chance into 37th. And slippage in the PEP rankings at Clifford Chance, Freshfields and Linklaters was muted compared with the previous year. If these firms are to arrest this gradual but ongoing slide, they must fully unlock the doors to the U.S.
That’s finally starting to happen, according to London-based Macrae recruiter Melinda Wallman, because of a willingness to jettison parts of their lockstep model.
‘For the first time ever, Magic Circle firms will be able to compete with the top U.S. law firms in the U.S. and elsewhere,’ she says. ‘They’ve got the brands, they have the institutional clients. The only thing that’s holding them back is the compensation system, and that’s no longer an obstacle.’”
Read the article in full here: In a Stellar Year for the Global 200, Geography Was Paramount
