Glencore boost helps Linklaters’ profits creep up

 
Elizabeth Fournier
REVENUES at magic circle law firm Linklaters crept up by just one per cent in 2012-13, the magic circle law firm said this morning, as strong demand for regulatory and restructuring work helped keep income stable against a volatile market backdrop.

Full year-revenues in the 12 months to 30 April were £1.195bn from £1.184bn the previous year, as pre-tax profits rose by 1.6 per cent to £521.9m.

“In supporting our clients through volatile market conditions, we have achieved stable or increasing income across all practices and regions,” said managing partner Simon Davies yesterday.

A longstanding relationship with Glencore meant that Linklaters – led by corporate partner Charlie Jacobs – had a part in one of the biggest merger and acquisition deals ever last year, when it advised the commodities trader on its multi-billion pound merger with Xstrata.

The deal, along with a role advising Vodafone on its €7.7bn bid for Kabel Deutschland, pushed Linklaters to the top of Mergermarket’s league table of European law firms for the first half of the year, measured by deal value.

Freshfields Bruckhaus Deringer, Clifford Chance, Latham & Watkins and Allen & Overy made up the top five.

Profits per partner at Linklaters rose from £1.24m last year to £1.31m.