While this year’s LB100 has found transatlantic law firms experiencing slower revenue growth than their more tightly focused peers, an analysis of five years of data highlights how large-scale UK-US mergers are driving up profitability at a much steeper rate.
Continue reading “Transatlantic firms outstrip peers on five-year PEP growth, LB100 data reveals”
The UK’s 100 largest law firms increased profit per equity partner (PEP) by an average of 13% during the last financial year, with near across-the-board hikes coming despite the rising costs of associate salaries.
On the back of double-digit revenue growth for more than half of the LB100 during 2023-24, average PEP rose to £844,000 after profitability had remained effectively flat during 2022-23.
Profit per lawyer (PPL) was also up, from an average of £100,800 last year to £116,200 this year – an increase of over 15%.
Could it be your year? Nominations are now open for the most prestigious showcase of talent in the industry, the Legal Business Awards 2023.
The event will take place on Tuesday 19 September 2023 at The Grosvenor House Hotel, Park Lane, London. You have until 10 March to provide submissions in any of the categories open to teams or individuals. Continue reading “Time to shine – top tips for standout Legal Business Awards 2023 submissions”
Mark McAteer, Legal Business: How are you feeling going into the next financial year?
Nick Scott, Brodies: I am buoyed by the resilience of our clients. Continue reading “Nice work – The LB100 debate finds law leaders in strangely upbeat mood”
Alex Novarese, Legal Business: How is the market generally?
Lee Ranson, Eversheds Sutherland: Most of the managing partners around this table will say it was a better 2017 than expected. We had some of our highest numbers against a budget where we were very, very wary with Brexit and uncertainty. Very strange. We are going into a new budget now and management is more cautious than the practitioners. Continue reading “An ill wind… The LB100 leadership debate”
As a resurgent mid-tier asserts itself in the UK legal market, our LB100 debate brings together City players to talk tactics, threats and sharpening your focus.
If the talking point of the UK legal market in recent years has been the sparkling performance of the City mid-tier, success is not leading to complacency. Bringing together a group of leading law firms to pick up themes from our recent annual Legal Business 100 report, it was clear that discipline, focus and a pronounced streak of insecurity means that the group are determined not to surrender the hard-won success they have achieved in the last five years.
Continue reading “The Legal Business 100 debate: No quarter asked”
As a resurgent mid-tier asserts itself in the UK legal market, our LB100 debate brings together City players to talk tactics, threats and sharpening your focus.
If the talking point of the UK legal market in recent years has been the sparkling performance of the City mid-tier, success is not leading to complacency. Bringing together a group of leading law firms to pick up themes from our recent annual Legal Business 100 report, it was clear that discipline, focus and a pronounced streak of insecurity means that the group are determined not to surrender the hard-won success they have achieved in the last five years.
Continue reading “The Legal Business 100 debate: No quarter asked”
Last year delivering our annual results issue Legal Business remarked that the age of turbulence facing law firms since the 2008 banking crisis was far from over. And so it has proved. Despite all the talk of returning confidence, and clear evidence of recovery in the UK economy, it’s still choppy out there. Stripping out another year of consolidation, the numbers are a little better than 2013 but that’s about it. Mergers have driven the market to nearly £21bn in revenues but average partner profit of £640,000 across the top 100 is still a way off the all-time peak of £703,000 recorded in 2008. The world’s second largest legal market is tracking inflation.
Continue reading “LB100 2014: Statistically speaking, you may not need a bigger boat”
