Revenue growth across the U.K.’s largest 50 law firms slowed in the 2022-23 financial year, while partner profits fell at their worst rate since the financial crisis as the industry struggled to absorb rising costs following two bumper years.

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A quieter transactional market meant that, on average, the U.K. Top 50 firms grew their fee income by 6.5% in the last financial year—a noticeable decline on the previous year, when the average rise was 10.9%, but still up from the 2020-2021 financial year when growth went up by 5.9%, and the year before that when it only increased by 5.1%.