The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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.
Lovells has been hit by disappointing financial results, with average profit per equity partner (PEP) rising by just 2 per cent and turnover increasing by 7 per cent.
Revenue is up to £425m from £396m last year, while average PEP has sneaked up to £585,000 from £572,000.
Although this does not compare favourably to the likes of Eversheds, which announced a 20 per cent rise in PEP and an 11 per cent increase in turnover, Lovells managing partner David Harris said two exceptional points had to be taken into account.
"These results show a strong performance given that the figures are after allowing for the costs of closing our Berlin office and raising the entry point into the lockstep for junior equity partners," he said.
On the firm's points system, equity partners with 60 points receive the maximum share of profit. Previously lawyers would enter the equity partnership on 24 points, but that figure had risen to 30 in the past year.
This, said Harris, meant that partners at the bottom of the lockstep received a far greater share of the profit, at £362,000 compared with £287,000 last year, a rise of 26 per cent.