UK top 100 firms record average fee income rise of 7% for 2011-12
The UK's top 100 law firms recorded average fee income growth of almost 7% for the last financial year, according to new research from professional services giant Deloitte.
June 21, 2012 at 07:03 PM
2 minute read
The UK's top 100 law firms recorded average fee income growth of almost 7% for the last financial year, according to new research from professional services giant Deloitte.
The results of Deloitte's quarterly law firm survey show the group concluded 2011-12 with a year-on-year Q4 increase of 6.3%, meaning that for the year as a whole, revenues across the group grew by an average of 6.6%.
Deloitte attributed this increase to a 5.6% rise in fee earner headcount among the top 100, while fees per fee earner rose by just 1.1%.
Firms ranked between 26 and 50 were the strongest performers during 2011-12, recording average growth of 9.7%, while international firms mainly saw growth in their overseas ventures, in particular those in emerging markets.
Deloitte professional practices partner Jeremy Black said: "Law firm results have been fairly robust in the current economic environment. But firms are facing bigger issues as they are run under a model which is difficult to sustain with only modest growth. We will see a continued trend for firms to shift their remuneration structures to more merit-based models."
The past week has seen a number of major UK firms announce their 2011-12 results, including Eversheds, which posted a 3% turnover increase alongside a 14% rise in profits per equity partner (PEP), while at SJ Berwin, turnover and PEP both edged up by 1%.
Deloitte's survey also shows the top 100 firms are predicting single-digit growth of around 6% for 2012-13, as the global financial markets remain uncertain.
Bird & Bird chief executive David Kerr (pictured) said: "The increased use of technology and greater regulatory freedom mean pressures on law firms are likely to rise. Only those that can stand out from the crowd are likely to continue to be successful."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllNew Year, New Ventures: 2025 Kicks Off with Mergers, Alliances, and Hidden Ambitions
5 minute readRajah & Tann Strengthens Shenzhen Offering, Renames International Arbitration Head
Dentons Germany Elects First Gender-Balanced Leaders & Promotions at Noerr, Gleiss Lutz
2 minute readSlaughter and May Leads As Government Buys Back £6 Billion of Military Homes
2 minute readTrending Stories
- 1Lawyer’s Resolutions: Focusing on 2025
- 2Houston Judge Exonerated on Appeal, Public Reprimand Vacated
- 3Bar Report - Dec. 30
- 4Employment Law Developments to Expect From the Second Trump Administration
- 5How I Made Law Firm Leadership: 'It’s Imperative That You Never Stop Learning,' Says Ian Ribald of Ballard Spahr
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250