The
With average increases in turnover and profits per equity partner (PEP) of 14% and 13.5% respectively, the UK’s top 50 firms have collectively outpaced their rivals across the pond, which recorded an average turnover increase of 12% for 2006 against a PEP rise of 11.2%, according to the Legal Week US Top 50.
The difference in performance is significantly more marked at the top end of the table, with turnover at the five magic circle firms increasing by an average of 16.6%, against a considerably steeper increase in PEP (24.9%). For the first time, PEP at all five firms has broken through the £1m barrier.
Clifford Chance (CC) managing partner David Childs told Legal Week: “The
The current strength of the pound is also giving
Travers Smith managing partner Chris Carroll said: “The profitability of
However Norton Rose chief executive Peter Martyr sounded a note of caution. He said: “It is important not to draw long-term conclusions from short-term changes in the market.
“This has been a good year for
Can the US law firms regroup or will their Europe ‘assault’ sink without trace? Join the debate with the Legal Week Top 50 Talkback special.
