Thursday 5 July 2012 8:40 pm

Linklaters and Freshfields hit by weak market

LAW firms Freshfields and Linklaters will fail to set the City on fire this morning as they release their full-year results, with both firms’ performances subdued in relation to their competitors.Revenues at Linklaters nudged up by 0.6 per cent year on year to £1.2bn, while pre-tax profits rose by 1.2 per cent to £520.8m.Managing partner Simon Davies said the firm “continued to face volatile and challenging conditions amid wider economic strains,” adding that practice areas including litigation, competition and regulation and organic growth in developing markets such as Asia had helped Linklaters’ revenues to remain stable.Meanwhile Freshfields’ turnover for 2011-12 was flat at £1.14bn, while profits per equity partner dipped by one per cent to £1.3m – though that translated to a four per cent rise once currency fluctuations are stripped out.Managing partner Ted Burke said the firm had seen “a good year, especially when you consider the impact of the sovereign debt crises on transactional activity”.Earlier this week fellow magic circle firm Allen & Overy reported a six per cent rise in turnover, while revenues at Clifford Chance grew by seven per cent.