The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
How do you get up from an all time low, asked English-Irish pop combo The Wanted in 2010. Perhaps the boy band were belting out the words with the legal market in mind, given that we’ve seen a number of all-time lows and highs in recent days.
Let’s start with the lows. Net profit has fallen to a 10-year low at Manches, dropping by 42 per cent from £3.7m to £2.15m, while average profit per equity partner (PEP) has fallen below £200,000 for the first time since 2004/05 to £135,000.
Revenues at the firm haven’t fared much better, dropping to its lowest point since 2004/05, to £26.3m.
Now the highs. In 2004/05 Mishcon de Reya sat one slot below Manches in The Lawyer UK200 at number 78. Eight years on and Mishcon has moved away from its former rival, with PEP increasing by 184 per cent since to £840,000 and now the firm is targeting revenues of £100m within three years. How’s that for a happy song?
So there you have it. Cheesy pop music is inspired by UK law firm financials after all.