America’s biggest law firm, Skadden, Arps, Slate, Meagher & Flom LLP has powered through the financial crisis acheiving a slight increase in revenue last year to $2.2 billion (£1.55 billion). The US giant is one of only six law firms to have recorded more than $2 billion (£1.4 billion) in revenue in a financial year. The other high achievers include US rival Latham & Watkins and UK magic circle firms Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters.

The big UK firms might find it tough to live up to the results from Skadden and Sullivan & Cromwell, partly because the worst of the financial crisis occurred only half way through the British firms’ financial year. Firms in the UK typically end their accounting year in April but most American firms work to a December year-end…