The top 50 law firms in the United Kingdom have achieved the highest growth results since 2008, according to new research by Legal Week.
As reported by Legal Week today (21 July), the 2010-11 results reveal the top 50 law firms in the UK have expanded their revenues by 3.6 per cent over the last financial year, with the average revenue growth of the top 50 being 5.3 per cent.
The top 50 increased total revenue from £11.89 billion ($17.9 billion) to £12.33 billion with income amongst the group returning to levels close to that of 2009, and the group also achieved an increase in profitability, with profits per equity partner rising by 4.4 per cent.
David Childs, managing partner of Clifford Chance, told Legal Week: "It was very much a two-speed year where we saw a striking development in growth markets while the developed economies were much slower. Asia revenues grew by 16 per cent and the Middle East by 17 per cent. That is why we are continuing to invest in those markets."
DLA Piper topped Legal Week's rankings of global revenues, reporting £1.268 billion in total revenue and £735,000 profit per equity partner (PEP). In second place was Clifford Chance, with $1.219 billion in total revenue and £1 million PEP.