Lawyers billed $75bn last year with Baker top of table
BUSINESSES paid almost $75bn (£49.3bn) for legal services last year, marking a fall from the previous year as clients tightened their spending.
According to annual research conducted by Legal Business magazine, during the 2009 financial year, law firms across the globe collectively billed clients $74.6bn, marking a six per cent drop from the previous year.
The drop means the legal sector saw $4.5bn less coming in from clients, forcing law firms to reduce lawyer headcount and rein back spending.
Baker & McKenzie has surpassed UK rivals DLA Piper, Clifford Chance (CC) and Linklaters as the world’s largest law firm by revenue, according to the research.
Bakers tops the table after billing clients $2.11bn last year and, despite seeing a three per cent dip in revenue from the previous year, it still pushes the firm above DLA, which billed clients $1.98bn.
Bakers chairman John Conroy said: “We are gratified by this client response to our worldwide emphasis on value-added services.”
Meanwhile, New York firm Skadden, Arps, Slater, Meagher & Flom billed clients $2.1bn, while UK rivals CC and Linklaters respectively billed clients $1.87bn and $1.85bn during the year.