The latest survey, published in the October issue of American Lawyer, has Andersen Legal tied with Shearman & Sterling New York with revenues of $590m (Pounds 403m) in a industry where the global top 50 have earnings in excess of $25bn (Pounds 17.1bn).
Including Andersen Legal for the first time on the list, the magazine said the firm was ‘huge’ with a headcount of 2,880 lawyers, second only to US-based Baker & McKenzie’s which has almost 3,000 lawyers.
According to the magazine, Andersen is making only a ‘volume play’ at the moment, with revenue per partner ranking it at just 99th on the list, and has not yet broken into the ‘elite practice areas’.
But it said acccounting firms had the financial muscle that ‘dwarfed’ even the largest law firms.
American Lawyer reported Anthony Williams, Andersen’s global managing partner, as saying the firm was ‘patiently wooing higher-end work’. But future changes to US bar regulations would mean the firm could ‘go shopping for clients and the local legal talent to serve them’.
The list was headed by Clifford Chance with revenues of $1.4bn (Pounds 950m).
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'