The results, drawn from the Legal Week Top 50, show the
Average PEP at the top 10 nationals now stands at £483,100, compared with the top 50 benchmark of £569,500.
Three of the national firms were among the strongest performers in the Top 50, with Halliwells, Hill Dickinson and Shoosmiths among the fastest-growing by turnover and Halliwells also featuring in the top five profits increases.
The figures come despite a sluggish transactional market in the regions compared with the City. Many of the national firms have invested in areas such as public sector and projects work to broaden their flows.
Many of the same national firms have the highest leverage in the Top 50. Irwin Mitchell operates with 21.8 fee earners per equity partner and Shoosmiths, DLA Piper, Cobbetts and Eversheds are also among those with the highest leverage.
The figures make top national firms among the strongest performers since the last booming transactional market in 2001.
According to Legal Week research, the UK’s five largest law firms — DLA Piper, Eversheds, Pinsent Masons, Addleshaw Goddard and Hammonds — have recorded average PEP growth of 74% since the turn of the millennium.
DLA Piper has seen the most spectacular growth on the back of ambitious expansion on both sides of the
However, Addleshaws and Pinsents, which have both focused their investment in the
Pinsents senior partner Chris Mullen said: “It is always the same in boom times. The magic circle moves up to handle the very big deals and the major cross-border transactional work and as a result, the national firms are able to pick up a much higher quality of work.”
He added: “A feature of our performance over the last two years has been consistent growth, not just in our corporate practice but across virtually every practice group, backed by strong market demand.”
Have national firms closed the credibility gap on their City rivals? Join the debate with the Legal Week Top 50 Talkback special.
