The Lawyer UK 100 Annual Report, published today (Monday 5 September), is the most detailed report yet on partnership pay and finances in the UK’s top 100 law firms.
The report reveals that the magic circle made a comeback in 2004. The combined net profit for Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters was £1.112bn – a full 37 per cent of the UK 100’s total net profit of £2.989bn. Average magic circle profit per equity partner (PEP) was up 13.1 per cent on 2004.
The best performers, though, were the firms constituting the new silver circle – a group that comprises Ashurst, Macfarlanes, SJ Berwin and Travers Smith. Their combined PEP, at £707,000, rivals the average magic circle PEP of £713,000.
The report, which is available to all subscribers, also includes an analysis of the London market and an in-depth study of firms’ financial management.
It also publishes exclusive data on the relative financial performances of the biggest corporate, finance, real estate and litigation departments in the top law firms in the UK.