Record Deal Activity Boosts U.K. Law Firms’ Revenue to New Highs
- London’s elite firms post record results despite disruption
- Surge in profits largely due to high levels of merger activity
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A surge in merger activity propelled profits at the U.K.’s largest law firms despite a collapse in the global economy triggered by the coronavirus pandemic.
A year that started with virus-related uncertainty gave way to record deal activity that helped four elite London firms, known as the Magic Circle, report bumper financial results. Transactional lawyers around the world advised on over $4 trillion worth of deals in the year ending April 31, according to data compiled by Bloomberg.