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.
Withers has bounced back from its poor profit performance in the 2005-06 year, with this year's average profit per equity partner (PEP) figure coming in at £350,000.
Last year the firm saw PEP slide from £314,000 to £313,000, but this year the figure rose by 11.8 per cent to £350,000. At the same time net profit rose by 9 per cent to £17.5m, while turnover increased by 16 per cent to £78m.
According to the firm's managing partner Margaret Robertson, the rises can be attributed to increased activity in the wealth management sector, the firm's main focus.
"There's been a general boom in levels of wealth in London, as well as booms in the New York and Asian stock exchanges," she said. "This means clients have been selling big stock positions and they need tax advice for that. That money also needs to be structured and planned for."