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Operating profit margins at the UK’s largest law firms are continuing to fall despite an increased focus on efficiency, as staff costs rise on the back of weighty associate pay hikes.

An analysis of limited liability partnership (LLP) accounts for the 2016-17 financial year, carried out in conjunction with professional services firm Smith & Williamson, shows that the average profit margin for the UK top 50 has dipped by 1% every year since 2014-15.

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Georgina Stanley

Georgina Stanley is the editor of Legal Week. She joined the magazine in October 2005 and has since written news, analysis and commentary about a range of leading UK and international commercial law firms, as well as trends in the profession. Before joining Legal Week she worked at several business titles, starting her journalism career at Euromoney.

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