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.
North East firm Walker Morris saw average profit per equity partner (PEP) drop 27 per cent in 2008-09 on the back of a turnover drop of 8 per cent.
PEP dropped from £670,000 in 2007-08 to £486,000. Revenue fell from £48m to £44.2m.
Managing partner Peter Smart said: “While this reduction is disappointing we can’t defy gravity. It’s nonsense to believe that turnover and profits can rise inexorably year-on-year. We’re at least fortunate that we have above-average profitability and so even the reduced profit is reasonably healthy.”