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.
Macfarlanes' figures hit by credit crunch" />Macfarlanes has achieved a modest 6.7 per cent rise in revenue but failed to increase its average profit per equity partner.
In the firm's latest financial results, turnover increased to £110m from £103m last year, while PEP remained static at £1.1m.
Senior partner Charles Martin put the profit figure down to the firm's decision to open a new office at the beginning of June.
He said: "In a tough year, PEP is satisfactory given that we want to carry on paying our people well and have invested in a new building."
The new office will mainly be used for client and partner meetings, but the firm is also refurbishing its existing premises on nearby Norwich Street.
Macfarlanes's vaunted corporate practice will have been hit by a general decline in market activity created by the credit crunch. Last year it also received nearly 25 per cent of turnover from the real estate practice, another area to have suffered in the sub-prime crisis.
Martin added: "The revenues show a modest increase which isn't bad given how a good deal of our revenue relates to the UK. We haven't had an exchange rate benefit, and it's not bad given that the credit crunch happened earlier than half way through the year."