Average profits per equity partner across the U.K.’s largest 50 law firms dropped by 8.1% in the financial year to April 2023—the largest decline in PEP since the financial crash of 2007-2008.
The marked decline in average PEP by nearly £77,000—from £938,500 to £862,100—follows difficult market conditions, increased costs and an increase in equity partner numbers. It also represents the first time that the figure has declined from the previous year since 2015.
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