National firms have emerged as below-trend performers in the UK for a second year running, with reduced workflow resulting in widespread job cuts and plunging profitability in 2008-09. The top 10 national and regional firms saw turnover contract by 2.3% during the last financial year, compared with an increase of 10.4% in 2007-08, and revenue growth of just under 3% across the top 50 as a whole. Profits per equity partner (PEP) fell by 23.9%, against a marginal increase in PEP the previous year and a 17% drop across the top 50.
July 30, 2009 at 04:29 AM
1 minute read
The original version of this story was published on Legalweek
Steep decline in activity leaves national firms at the bottom of the pile for second year running as turnover falls 2.3%
National firms have emerged as below-trend performers in the UK for a second year running, with reduced workflow resulting in widespread job cuts and plunging profitability in 2008-09.
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