It’s law firm results season – with every day bringing news of financial results, for the top-100 firms in particular.

Time was that uncovering information on firms’ performance was a bit cloak and dagger – teams of legal press journalists from a magazine would call several partners from the same firm simultaneously, to reduce the chance of a message going out from the senior partner or press office telling partners they should give no comment or information.

Recently departed partners were asked over a drink how things financial stood when they left. Guesses were made and put to reluctant firms. Friends on the inside and recruiters were badgered for information.

That’s how these lists were compiled in the 1990s.

Then with the move to LLP status, results were published with varying degrees of detail – but essentially the exercise became a much less ‘exciting’ affair.

And in the good times I found these results a bit dull – pointless even. If one had, say, been an happy aviation law partner at White & Case, for example, would an increase in profits that were 1% behind your nearest rival ruin your day? Make you jump ship?

Clearly not. Lawyers are not investment bankers, and tighter bonds hold most lawyers to a law firm, even in the very largest firms.

My indifference, of course, coincided with a rising tide that floated all boats. But this year it’s interesting.

However different surveys or pieces of research on corporate legal spend define the field – Fortune 1000, FTSE 100 or 250 – companies’ external legal spend in mature markets is pretty static. Managing partners at the largest firms have experienced, and predict, a stagnant economy.

Better cross-selling of services to existing clients seems to have disappointed many, and they are looking to mergers and international growth to restore their fortunes.

So this year’s results – coming as they do in the fourth year of static legal spend in mature economies – tell us in each case whether the firms’ strategy on these points is working.

This matters to the wider economy, not just the individuals who work in the more monied bits of the profession. We hear a lot about the need to promote UK plc abroad – but UK LLP contributes billions to our balance of trade, and the figure has gone up, not down, since 2008.

So even if minor shifts in profits per equity partner that are the length of telephone numbers normally fail to engage you, this year it matters.

And consider this: a confident and healthy profession – on the high street or in the City – has a stronger voice, and more options and control over its future. Of that I am quite sure.

Eduardo Reyes is Gazette features editor

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