Profit per equity partner growth across the U.K.’s 50 largest law firms slowed to a near halt in the last financial year, Law.com International research has found, as firms grappled with Brexit fears, a general election and the pandemic lockdown.
A ranking of the top 50 U.K. firms by revenue for the 2019-20 financial year found the average profit per equity partner was £760,500, which was up 1.4% on the previous financial year. It was the worst year for average PEP growth since 2015-16, when the figure dropped 1.3%, according to the data, which is submitted each year by the firms.
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