Freshfields, the UK-based law firm, is considering expanding its operations into Texas and Boston, as it looks to continue its impressive growth in the US market. The firm has been aggressively hiring in the US in recent years, with investments in Silicon Valley paying off by building its roster of tech clients, such as Google, Palantir, HP, and Instacart. The firm has also lured partners from top firms on both coasts, including Cravath Swaine & Moore, Cleary Gottlieb, Davis Polk & Wardwell, Sidley Austin, Latham & Watkins, and Wilson Sonsini. Freshfields currently has over 90 partners in the US and around 500 lawyers, with headcount doubling over the past five years.
According to records filed with a UK government regulator, 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. Despite this impressive growth, the US business generated less than 20% of the firm’s reported £1.8 billion top line in 2023. However, 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.
The firm’s senior partner, Georgia Dawson, stated that there is “quite a lot of market interest within particular practice areas around Texas and Boston,” and that the firm will continue to evaluate whether it’s a good time to expand. Dawson also added that the firm remains focused on growing in Europe, saying there is “a very clear and frank dialogue” within the partnership that the US growth must be accompanied by European investment.
Freshfields’ expansion into the US comes as other London “Magic Circle” firms have pursued their own avenues to growth. For example, Clifford Chance has turned to the lateral market, looking to recruit 12 to 19 partners annually over the next three years, while Allen & Overy’s merger with Shearman & Sterling gave the combined firm a hefty US presence.
Freshfields has been focused on bulking up its asset management practice, luring private equity and private capital lawyers from major rivals. The firm also “refreshed” its brand last month, dropping a logo that featured an angel for streamlined lettering and shortening the firm’s official name to simply “Freshfields.”
Freshfields’ reputation for antitrust work has paired well with its push into the tech industry as US regulators take aim at companies like Google. The firm is currently part of the team representing Google in a major antitrust trial over its advertising technology, with closing arguments next month. The company already lost a separate case brought by the Department of Justice alleging it was a monopolist in Internet search.
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