Making waves

Like Richard Sayer, I was surprised by the findings of the International Financial Services survey (see [2001] Gazette, 26 July, 6).

Richards Butler's shipping group's income increased by 14% over the last financial year, even though there was no increase in our hourly rates.

Furthermore, the vast majority of our income - probably in the region of 80-90% - comes from overseas.While I accept that the employment market has become more difficult in recent years, we have increased the number of qualified lawyers in the group by around 10%, and the firm will have more recruits joining us over the next couple of months.

Perhaps the magic circle and the US dollar are becoming less attractive.Adam Morgan, head of shipping group, Richards Butler, London