Thank you for sharing!

Your article was successfully shared with the contacts you provided.

On the face of it, 2015-16 limited liability partnership accounts for the UK’s top 50 law firms show a positive headline, with revenues increasing on average 3.7% (compared with a prior year increase of 1.8%).

However, removing the impact of mergers, team hires and fee inflation, underlying organic growth in legal work is unlikely to have accounted for much, which is perhaps surprising given the relatively stable pre-referendum economic environment. With more uncertainty ahead, law firms need to look beneath the headline figures and ensure they have a strong base to enable them to deal with the challenges facing them.

Lawyers need to demonstrate the value they add

Compounding the issues above, revenue increases have not translated directly into operating profits, which only grew by 1.2% in the year. Only two of the top 10 managed to increase their own profit margins, with margins falling on average from 32% to 31% across the board.

This premium content is reserved for
Law.com International Subscribers.


  • Customized news by region including UK, Asia, Europe, Latin America, Middle East, Africa, and North America
  • Cutting-edge research such as UK Top 100, China 45, and Asia 50
  • Get the inside track on the biggest breaking stories that delve deep into the issues behind the headlines
  • Comprehensive coverage of the dynamic legal market from people moves to the major international jurisdictions
  • Global view into how legal tech, business of law, in-house and regulatory environments are intersecting worldwide

Already a subscriber?

Dig Deeper

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


Law.com International Newsletters & Briefings

Sign Up Today and Never Miss Another Story.

Sign up for an unlimited number of complementary newsletters, alerts, and International Briefings. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 American Lawyer Media International, LLC. All Rights Reserved.