News Column

Profits at top 100 law firms above £6bn

September 1, 2014

THOMAS FITZGERALD



PROFITS at the top 100 law firms in the UK have soared to well over 6bn in the latest financial year, with more than 1,000 partners now earning over 1m annually.


The top 100 law firms in the UK, comprising over 65,000 lawyers, saw revenue rise to over 20.8bn, up from 19.1bn in 2013, as profits rose above 6.3bn, up from 5.8bn last year.


The research, conducted by Legal Business magazine, found that the average top 100 UK law firm generates 208m in fees, with profit per lawyer of 98,000.


Legal Business editor in chief Alex Novarese said "A quarter of firms in the top 100 have been in acquisition mode or have completed transformative mergers within the last two years." However the report suggested more work needs to be done on gender equality, with women making up only 22 per cent of partners currently.


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Source: City A.M. (UK)


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