LAWFUEL – The Legal Newswire – LawFuel’s lead story – London-based, ‘magic circle’ law firms had a break through year with the second year of double-digit growth and record earnings as they make their mark in the international legal world.
London’s big four have secured their place among the emerging global elite after what will be seen as a breakthrough year for the UK’s leading law firms.
Legal Week’s 2006-07 results, the first finalised picture of the performance of the UK’s top 50 law firms, shows the group achieving its second year of double-digit revenue growth with fees rising 14% annually to hit £10.5bn.
Average profits per equity partner (PEP) across the top 50 were up by 13.5% to power six firms past the £1m mark and take the average PEP from slightly more than £500,000 in 2006 to £569,500 this year.
The magic circle unambiguously led the field, benefiting from another busy 12 months for M&A and securities markets. The UK’s four largest firms generated £4.18bn in fees between them, accounting for nearly 40% of the entire top 50’s income.