Top 30 law firms see revenue increase this century
14/07/2008(15:39)
New figures have shown that the UK's top 30 law firms have seen a large average profit per equity partner (PEP) increase since 2000.
PEP has grown by 92.7 per cent in the period, which now equates to a profit of £764,900. The total revenue across the entire top 30 firms now stands at £10.5 billion, a 145 per cent rise on 2000's figure of £4.3 billion, according to The Lawyer.
Ted Burke, chief executive of consistent top 30 firm Freshfields Bruckhaus Deringer, told the website that firms have need "two key ingredients for success".
He said: "It takes years and years to build up a reputation with clients and with potential recruits.
"Because it takes so long to do that, the relative success of law firms doesn’t change dramatically from year to year."
The Times recently reported that there are now almost 150,000 practicing lawyers in the UK today and estimated that at least 800 will earn over £1 million during the course of 2008.
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