The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Average fee-earner salaries in small to medium-sized law firms have risen by 10.6 per cent over the last year despite continuing pressure on practices to cut costs.
According to a survey conducted by accountants BDO Stoy Hayward, which canvassed 175 law firms of up to 25 equity partners, overall average profits increased by seven per cent.
But despite the reported rise in profitability and increase in pay for lawyers, the growth rate of earnings for support staff has slowed. Firms have been reducing the number of support staff, with the ratio of employees to fee-earners now 1.17:1.
The survey also revealed that small firms – those of two to four partners – were better at managing cash flow compared their medium-sized counterparts.
Lock up i.e work in progress plus debtor days, was 151 days for small firms compared to 187 days for medium-sized practices.