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.
Some firms in the region reported record-breaking figures at the end of the financial year.
As reported by The Lawyer (3 May), Birmingham giant Wragge & Co came out on top, posting a record 28.7 per cent increase in average profit per equity partner (PEP) for 2005-06, surging from £307,000 to £395,000.
Turnover rose by almost 15 per cent, tipping revenue into triple figures for the first time at £101.3m. Net profit hit £41m, compared with £32.4m for the previous year.
Mills & Reeve, which is becoming a force in the region, recorded a sharp 22 per cent rise in turnover and an 11 per cent growth in PEP. Turnover at the Norwich-based firm rose from £40.4m to £47.9m, while PEP increased from last year's £226,000 to hit £253,000.
Shoosmiths' PEP rose 16 per cent, from £342,000 to £396,000, marking the firm's fifth consecutive year of profit increase. Turnover was up 23 per cent on last year, from £60.8m in 2004-05 to £74.7m for 2005-06.
Freeth Cartwright reported record financials. PEP rocketed by 30 per cent, from £146,000 to £190,000. Turnover rose to £25.2m, an increase of 17 per cent on the previous year. It is the first time the firm has broken the £25m barrier. Browne Jacobson's turnover also broke its firm record, breaking the £30m barrier for the first time to reach £30.2m, up 11.5 per cent from last year's £27.1m. However, partners will be mourning a PEP of just £292,000, marking an 8 per cent drop from last year's record £316,000.