Combined turnover for Top 50 reached £18.2 billion; The eight largest companies bring in more than £10 billion The average evolution of companies` PPE could not keep pace with last year`s growth, when it rose by 18.7% in one of the largest increases on record. It was also lower than the average revenue increase of the 50 largest companies of 10.9%. Getting to know leading companies and their websites is a crucial step in the application process. It`s important to understand what they do and why they do it, as you need to mention it in your application and link it to your own experience. Employers prefer to know that you are not just looking for work, but that you have chosen it rather than the competition. That`s why we`ve compiled a list of the top 200 UK law firms based on revenue so you can see how relevant the company you`re looking for is and factor that into your application. The leaders of the largest companies reflect the UK The largest average increase in turnover in the legal sector since before the financial crisis. When it comes to salaries, the highest incomes have long been in the headlines – but while £2 million is a given for the equity increase of Magic Circle companies, there is no hard and fast rule for those at the bottom. For London clients, the leading law firms with the most comprehensive practices in the capital – measured by the number of rankings – are CMS, Clifford Chance and A&O.
Several large law firms are currently hiring. Two-thirds of UK top 50 companies have experienced a decline in earnings per partner (PEP) over the past five years, according to a study compiled by Legal Week. The figures show that only 16 top-50 companies have increased their PEP since fiscal year 2007-08, compared to more than 30 that saw their profits decline. More than 20 companies saw their PEPs fall by more than 10% in the five years following the peak of the credit crunch, with Field Fisher Waterhouse, Speechly Bircham and Trowers & Hamlins all seeing a decline of more than 40% in partner earnings. Continental Europe has proven to be an important international stronghold in the past financial year, with companies heavily invested in the region recording an increase in sales due to the strength of the euro. The weakness of the pound against the euro and dollar has shown the importance of international spread, with Lovells joining the growing line of companies such as Linklaters and Clifford Chance (CC), which have generated more than half of their sales outside London. Magic Circle members are extremely prestigious and consistently rank among the highest incomes per partner and lawyer in the UK. In addition, these large law firms usually give their employees a narrower range of tasks – that is, they are suitable for those who are sure of their preferred specialization. Norton Rose stood out from most of its top 10 City competitors last financial year after launching a bold move to avoid layoffs and increase sales by more than 5%. The company recorded a 5.7% increase in sales to 314 million.
GBP versus a 17.3% drop in profit per partner (PEP) to £517,000. The increase in revenue means the company is outperforming average thanks to revenue growth in the city`s top 10 businesses, which was enough for Norton Rose to enter the UK top 10, propelling Ashurst to 11th place. The average profit per partner of the 50 largest UK law firms increased by 7.7% in the last financial year as excessive costs and the increase in the number of partners reduced the firms` ability to increase revenue. Companies in the city-based £100 million group have fallen further behind the magic circle in the last financial year. The 11 group companies, which include all of the city`s top 10 companies outside the magic circle, as well as CMS Cameron McKenna, SJ Berwin, Bird & Bird, Berwin Leighton Paisner (BLP), Denton Wilde Sapte and Nabarro, saw an average 2% drop in revenue, while earnings per partner (PEP) fell just over 23%. Despite a strong increase in turnover, partner profit growth slowed in the UK`s top 50 companies due to inflated costs and an increased number of financial partners. National and regional companies produced the most movement in the top 50 this year, with a number of practices experiencing significant fluctuations in sales and profits. The big five national companies – DLA Piper, Eversheds, Pinsent Masons, Addleshaw Goddard and Hammonds – remained static on their positions in the ranking in 2008-09 after experiencing a slight decline in sales.
The UK`s leading law firms overcame ongoing uncertainty in the global economy to achieve a second consecutive year of growth, while the top 50 firms brought partner profits to a record high. Georgina Stanley asks Tony Williams if the UK`s leading law firms will ever return to the glory days before the crash Major UK law firms have seen a significant recovery in profitability this year, despite the group`s first collective revenue decline in recent memory. The results of Legal Week 2009-10, the first comprehensive picture of the performance of the UK`s 50 largest law firms, show that the group`s turnover fell by £461 million, from £12.33 billion in 2009 to £11.87 billion. The comprehensive ranking of the top 50 UK law firms for the 2019-2020 financial year shows that Brexit negotiations and the coronavirus pandemic have contributed to a drop in revenues and PEP growth rates. Key partners agree that the pressure to offer more for less will increase as the rapidly changing market continues to keep businesses on their toes Insurance companies weathered the global economic downturn to deliver strong returns in 2008-09. Insurance specialists Kennedys and Berrymans Lace Mawer joined the top 50 after both reporting revenue increases of more than 20%. Together with its insurance colleagues Holman Fenwick Willan, Barlow Lyde & Gilbert and Clyde & Co, the Group significantly outperformed the top 50 overall. These are turbulent times for Clifford Chance (CC), which lost its long-standing title as the world`s best-selling law firm this year after being overtaken by Linklaters and Freshfields Bruckhaus Deringer. Revenue fell 5% to £1.26 billion and profit per partner fell 37% from £1.15 million to £733,000, the biggest drop in the peer group. Linklaters LLP is a multinational law firm headquartered in London. It was founded in 1838 and is a member of the “Magic Circle” of Britain`s elite law firms.