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.
Mention numbers these days and the talk in the legal market usually turns to 'transparency'. With the rise of the LLP and the trend for firms to report their figures, if only for PR value, the overwhelming sense is that the figures reported in The Lawyer UK 100 Annual Report are more accurate than they've ever been.
Now, thanks to accountant Smith & Williamson, that accuracy has been tested for the first time. The firm took a sample of 15 LLP accounts from firms across the top 100 and measured how much the numbers tallied.
The news? They haven't been fibbing.
Smith & Williamson did find some minor differences. The net profit figure in the top 100 differed from that in the LLP accounts in certain cases, while turnover was also a little out occasionally. It said these could be explained by the year-end results not having been finalised at press time, audit adjustments or the implementation of FRS5 Application Note G.
Overall, though, the figures verify those presented by The Lawyer. It's just worth remembering that, the next time someone tells you "they make it all up anyway", chances are their firm hasn't had a great year.