JUST how bad it is for lawyers to be who want to climb to the very top rungs of law firm partnership, has been revealed.
A new report charting the performance of the UK's top 200 firms and top 30 international firms shows how closely the equity is being held. It illustrates as well that the UK's regional and lower mid-tier are the most parsimonious with their equity.
UK legal business magazine The Lawyer's report, released yesterday, shows what the average profit per equity partner would look like if the earnings of non-equity partners were factored in. Where the equity is particularly tight, it reports, "the impact is dramatic".
At the Europe, Middle East and Africa operations of DLA Piper, where only 31.6 per cent of the partners are equity, PEP falls by 45.6 per cent, from £645,000 (AUD$1.23m) to an EPP of £351,000 (AUD$671,100), when the non-equity partner remuneration is factored in, The Lawyer reports.
In contrast, at Slaughter and May, which has six non-equity partners, the estimated PEP of £2.25m (AUD$4.30m) drops only a little, to £2.18m (AUD$4.16m).