British law firms
Taking the magic abroad
London's big law firms are expanding their global footprints
LAWYERS are cautious folk.
So the recent collapse of Dewey & Leboeuf, a big American law firm, has scared them.
因此，最近美国大型律师事务所Dewey & Leboeuf的倒闭已经吓坏了他们。
Dewey failed because it tried to grow too fast, by borrowing too much money.
Other firms still want to grow, but they are doing so slowly and carefully.
Consider London's top five law firms, known as the magic circle.
Allen & Overy and Clifford Chance released results early this week, and Freshfields Bruckhaus Deringer and Linklaters were expected to do so later.
Allen & Overy和Clifford Chance在周初发布了他们的业绩报告，Freshfields Bruckhaus Deringer 和 Linklaters随后也将发布业绩报告。
Allen & Overy had a good year, with its revenues growing by 6% and its profits by 7%. Clifford Chance, the biggest, did even better, with revenues up by 7% and profits up by 13%.
Allen & Overy事务所的收益不错，总收入增长6%，利润增长7%。最大的Clifford Chance事务所表现的更好,总收入增长7%，利润增长13%。
Emerging markets are where the growth is.
Allen & Overy now gets 22% of its revenue from such places, up from 15% a few years ago.
Allen & Overy事务所来自于新兴市场的收入从几年前的15%增长到22%。
It opened an office in Vietnam a month ago and another in Jakarta 17 months previously.
As for China, so many Western firms have piled in that they have competed each other's fees down,
but Wim Dejonghe, Allen & Overy's boss, is still optimistic:
但Allen & Overy的比利时老板Wim Dejonghe仍然很乐观，他表示：
the centre of gravity has moved from Shanghai to Beijing, he says, as the focus has shifted from inbound mergers and investment to Chinese money flowing out.
David Childs, the boss of Clifford Chance, is also bullish on China.
Clifford Chance的老板David Childs同样看好中国市场。
His firm cut partners during the recession,
but not in Asia, the Middle East or Brazil.
As for downward pressure on fees, Mr Childs says, slowly, They are very careful buyers…in Asia, before insisting that his firm has no trouble with pricing there.
The firm's revenues grew by 28% in Asia this year, thanks in part to a push into Australia.
Next year will be tougher: though bank regulatory work and dispute resolution are providing steady fees, I'd much rather have healthy明年的形式可能会困难一些：尽管银行监管工作和调解纠纷在提供稳定的酬金，我更希望拥有可观的交易佣金收入。
The magic circle may be getting a new competitor.
Herbert Smith, a second-tier firm, announced a merger with Freehills, one of Australia's biggest, on June 28th.
With revenues of over $1 billion, the merged firm will be bigger than Slaughter and May.
合并后的事务所将以10亿美元的收入超过Slaughter and May事务所。
It will push for work related to Austrialia's commodity boom and Asian capital markets.
But David Willis, Herbert Smith's boss, is keen to stress the firm's un-Dewey-like gradualism:
但Herbert Smith的老板David Willis着重强调公司不同于Dewey的增长模式：
We're not expecting a huge increase in earnings in year one.
That's not why we're doing this.
Perhaps you're trying to reduce your carbon footprint.
The economy is stuck in a vicious circle.
Revenue at both yahoo and aol is steadily falling.
A worker throws a computer casing onto a pile.
Trade and investment will be hurt.