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The U.K.’s top law firms have improved their profit margin for the first time in years, as they continue to seek out efficiency gains amid a continued rise in staff costs.

An in-depth analysis of limited liability partnership (LLP) accounts for the 2017-18 financial year, carried out in conjunction with professional services firm Smith & Williamson, found the profit margin for the combined U.K. top 50 inched up 0.4% to reach 31%.

Although small, the overall increase is significant for the top firms, given the number had fallen every year since 2014-15.

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Paul Hodkinson

Paul Hodkinson is the Editor-In-Chief of Law.com International and Legal Week. Before joining the company in late 2018, he was the Deputy Editor and Comment Editor of Financial News, part of Dow Jones. He has also held roles as Acting Editor of Financial News and Editor of Private Equity News and has written for The Wall Street Journal as well as numerous private equity publications in the U.S. It is his second stint at Legal Week, after he worked at the publication between 2002 and 2008. [email protected]

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