The annual flood of financial results has engulfed the market once again, with Legal Business 100 firms observing how the Magic Circle firms in particular have performed compared to City peers.
Financial performance reported among UK firms so far reveal an estimated average growth of 8% in revenue, only slightly down on the average revenue growth of 9% recorded in our 2022 LB100 report. However, the picture is different for profit per equity partner (PEP), where growth has been minimal or flat and falling short of average performance in 2022, where PEP also grew by 9%.
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