London still on top

London has strengthened its position as one of the top global centres for legal services in 2007/08.

According to the International Financial Services London’s (IFSL) Legal Services 2009 report, UK law practices are holding firm under tough economic conditions.

The key findings include: the three largest global law firms were from the UK (based on fee revenue); UK law firms held five out of the top seven places in terms of headcount, and most UK law firms within the top 100 have improved their ranking during the previous financial year and fee income of the top 1 00 UK law firms increased by 14% in the 2007/8 financial year to a record £14bn.

Desmond Browne QC, Bar Council chairman, says: “It is in the national interest—and indeed European interest— that we maintain and promote English commercial law as the global business law of choice.”

Andrew Cahn, UKTI chief executive officer, says: “In the current global downturn, now is the time for UK legal firms to look into diversifying into new markets or strengthening their position in established ones to reduce risk. Despite the current global slowdown there remain opportunities within areas of the legal profession and the UK is well placed to make the most of these.”