UK top 50 see revenue growth
The top 50 law firms in the UK grew nearly 5 per cent in the 2012-13 financial year, making last year their third consecutive year of growth amid a troubled economy. comments powered by Disqus
Legal Week reports that much of the growth was driven by mergers, with Herbert Smith Freehills, Pinsent Masons and DWF all seeing revenue growth in excess of 20% as a result of acquiring other firms. Twelve of the top 50 firms underwent some form of tie-up in 2012-13.
The firms paid for their mergers with profits per equity partner, which dipped by 0.5% across the group, to an average of £557,000.
Hogan Lovells CEO David Harris commented: "Market sentiment has certainly improved, although there still remains quite a lot of uncertainty. US sentiment is also more positive and may lead to increased activity ahead of other markets.
"Generally speaking, firms are looking at ways to differentiate themselves in an ever-more competitive market, playing to their strengths."