‘It looked like we were in for a rough time – but the markets stood up well.’ DLA Piper global co-chief executive Simon Levine’s take on the financial year neatly sums up the overriding sentiment about the year gone by, which started with much-cited concerns over inflation and global instability, but ended with law firm leaders much happier than expected.
After total revenue across the world’s 100 largest law firms inched up by just 1% last year, this year the group broke through the $150bn mark for the first time, with combined income rising by more than 6% to $158.7bn. The increase in average profit per equity partner (PEP) across the group was even more impressive – up over 11% to $2.8m, bouncing back from a 3% decrease last year.
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