London's top earners see billings drop by £875,000
New figures show that partners in London’s top 10 law firms saw their fees drop by an average of £875,000 per partner during the economic downturn. Recruitment consultant Ambition reports that the UK’s largest law firms billed £2.4m per partner, down from 2008 when the top 10 firms billed £3.3m per partner.
Banking and City related work were harder to come by during the period, while clients increased the pressure upon firms to reduce costs.
Support staff were made redundant in large numbers, losing 14 per cent of their headcount between 2008 and 2009. The number of lawyers, excluding partners, was reduced by four per cent during the same period.
The firms are responding to the drop in earnings by seeking staff for work in business development, marketing and client relationships.
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