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UK’s top firms are set for a record year of financial results on the back of double-digit hikes in revenue.
Early indications are that a group of the UK’s top firms will break the £1m average equity partner profits barrier, while firms including Clifford Chance (CC) and Nabarro have achieved rises of around 20%.
The biggest revenue rises so far have come from SJ Berwin and Ashurst, which are both set to increase billings by more than 20% to hit £191m and £275m respectively.
Other firms to secure double-digit revenue growth include Berwin Leighton Paisner, which has seen turnover rise by 16% from £145m to £168m, Denton Wilde Sapte, which has gone up by around 10%, and Pinsent Masons, which is expecting an increase of 10%-15%.
Freshfields Bruckhaus Deringer, Linklaters and Eversheds are also set for double-digit revenue growth.
The only major firms planning to announce single digit growth so far are CMS Cameron McKenna, with a 6% rise to £192m, and Lovells, with an 8% increase to around £425m.
The results follow a period of cost-cutting at many of the UK’s top firms, combined with a booming European cross-border M&A market.
Colin Ives, head of professional practice tax at Smith & Williamson, said: “A year ago people were saying the boom must come to an end, but here we are a year later and clients are reporting a good year, with a lot of activity still going on in the market.”
These are impressive figures but who are the law firms trying to impress? Each other? They don't have shareholders to woo. I doubt the numbers impress either staff or clients. Is it just bragging rights between a small audience of management at the respective firms?
I think that we can expect eye-watering PEP at all magic circle firms this year. Will Slaughters top of equity get to 2M?
Are the big numbers to compensate for small penises? MINE is 20% bigger than yours! I guess they have to make themselves happy somehow?!
In that case, how about reducing their "eye-watering" charge-out rates?
It is a sad state of affairs that other more valuable factors, such as pro bono work, seem to remain firmly buried under the weight of growing bank balances.
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