This year’s reporting season looks like being a doozie. What with Lovells’ final ever appearance as a UK firm, LG’s comical 63 per cent PEP increase and the now unveiled reality of Halliwells’ plummeting (and ultimately terminal) turnover, there’s no shortage of fun.
But, frankly, who cares about revenue? Dig a little a deeper and things look slightly different.
But, frankly, who cares about PEP? Profit margin is really where it’s at – Freshfields’ 52 per cent, Linklaters’ 42 per cent, A&O’s 39 per cent and CC’s 29 per cent tells its own story.
The results say less about a return to form in the UK legal market and much more about the rapidly developing two-tier nature of the magic circle.