Legal Week’s 2010-11 results show the UK top 50 increased its revenues from £11.89bn to £12.33bn – returning income across the group to almost exactly 2009 levels. The average revenue growth of top 50 law firms was 5.3%.
The performance was matched by a modest increase in profitability, with the group as a whole seeing profits per equity partner (PEP) rising 4.4%. The result is a contrast to 2010 when the UK’s largest law firms achieved an 8.8% increase in PEP despite falling income due to widespread redundancies and deep cost-cutting programmes.
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