Magic Circle firm Freshfields is looking to expand beyond its U.K. roots. Well, to be fair, it already has, with 28 offices across the globe. But it has its sights set on the United States to make the firm’s footprint even bigger — specifically Texas and Boston.
As senior partner Georgia Dawson told Bloomberg Law, “There’s quite a lot of market interest within particular practice areas around Texas and Boston.” She continued, “So we’ll just keep watching and evaluating, and then determine whether it’s a good time to do anything.”
The firm has been focused on the U.S. since 2020, when they opened their Silicon Valley office. And the firm has pursued laterals in the U.S., doubling their American headcount, with the financials positively reflecting the strategy.
The firm’s US business grew by £137 million ($178 million) in revenue from 2021 to 2023, accounting for about 87% of the firm’s overall growth during that time, according to records filed with a UK government regulator. Still, the US business, which generated £311 million in 2023, accounted for less than 20% of the firm’s reported £1.8 billion top line.
That figure would place Freshfields around the Top 15 US-headquartered firms by revenue. Its strategy has long been linked to providing round-the-globe service for major clients.
If the US business can replicate the 79% revenue growth it achieved from fiscal 2021 to 2023, the stateside lawyers would generate around £550 million in revenue by fiscal 2025, or around $715 million by current exchange rates.
And Dawson gave the most British, understated response to that rate. “What is gratifying to see is that it’s coming together nicely,” Dawson said. “The market recognition, moving up the league tables, and then the financial output as well is all heading in the right direction.”
The firm hasn’t confirmed any additional offices in the U.S. — for now. But the door is definitely open.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].