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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.
It’s the culmination of some six months spent poring over spreadsheets, squabbling with finance directors and questioning our own career choices after being confronted with partner profits: The Lawyer today publishes its annual survey of the UK’s top 200 firms.
The first thing you might notice its that it’s no longer a magic circle firm topping the rankings - probably the only time this has happened since the phrase was coined. Instead, you have global behemoth DLA Piper leading the way with revenue of £1.4bn, following The Lawyer’s decision to include revenue from all its offices.
Slaughter and May’s partnership is also no longer the most lucrative in town. That accolade goes to personal injury firm Minster Law, where profit per equity partner (PEP) is £2.2m. But with only one partner at the firm, you might have an easier time slipping into Slaughters’ equity.
Even after more than a decade doing this research, The Lawyer still gets surprised by new entrants to the table. Check out hitherto unreported Scottish personal injury firm Digby Brown making its debut at number 117 with turnover of £17.9m, for one. And with the rate of consolidation going the way it is, you can expect a lot more in the way of violent shake-ups among the established order in the future.
This, of course, is just a snapshot. The UK200 contains far too much data even to scratch the surface of it here. The data is a benchmark among the industry - just ask the sourcing specialist at one of the world’s largest energy companies who pulled out a copy to educate some partners who were pitching for work about profit margins at their own firms - and this year an enhanced package is available online. For more information on purchasing the whole of the UK200 see here.
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