Profits at the top 100 law firms in the UK have soared to well over £6bn in the latest financial year, with more than 1,000 partners now earning over £1m annually.
The top 100 law firms in the UK, comprising over 65,000 lawyers, saw revenue rise to over £20.8bn, up from £19.1bn in 2013, as profits rose above £6.3bn, up from £5.8bn last year.
The research, conducted by Legal Business magazine, found that the average top 100 UK law firm generates £208m in fees, with profit per lawyer of £98,000.
Legal Business editor in chief Alex Novarese said “A quarter of firms in the top 100 have been in acquisition mode or have completed transformative mergers within the last two years.”
However the report suggested more work needs to be done on gender equality, with women making up only 22 per cent of partners currently.
UK’S TOP 10 LARGEST LAW FIRMS BY TURNOVER
|DLA Piper||£1.57bn||profit margin 24%|
|Clifford Chance||£1.36bn||profit margin 34%|
|Linklaters||£1.26bn||profit margin 44%|
|Allen & Overy||£1.23bn||profit margin 40%|
|Freshfields||£1.23bn||profit margin 47%|
|Norton Rose||£1.15bn||profit margin 36%|
|Hogan Lovells||£1.10bn||profit margin 37%|
|Dentons||£807.3m||profit margin 19%|
|Herbert Smith||£800m||profit margin 29%|
|CMS||£710.4m||profit margin 34%|