Breakneck growth of global law firms is coinciding with significant changes in the profession’s time-honoured ways
A MESSY WORLD is great news for those whose business it is to sort through a mess. One group in particular has had a fabulous time of late. “Business demand across every market has been strong,” says Elliott Portnoy, chief executive of Dentons, the world’s fourth-biggest law firm by revenues. In 2021 Dentons, a product of a series of combinations, including one six years ago with Dacheng, a large Chinese practice, may bring in over $3bn in gross billings.
At the same time, the law firms’ non-transaction business, which has historically been more placid, is picking up. Governments around the world are preparing to regulate areas from data and diversity to climate. The European Union may soon pass two sweeping laws governing digital markets and services, which could ensnare rich clients such as Apple, Alphabet and Meta. American trustbusters are rediscovering their pep under President Joe Biden.
For the rainmakers, it increasingly does not work. Plenty of firms’ top performers are only too happy to jump ship if offered better terms. The partner says he receives a couple of emails from headhunters every week. Kirkland & Ellis and Latham & Watkins have climbed their way to the apex of the American market in part by poaching successful lawyers with the promise of paying them based on the profits they bring in.
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