UK’s top 100 law firms see profits soar above £6bn

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.

 

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%