The UK’s top 50 law firms have defied deteriorating economic conditions to record average income growth of 21% for the past financial year, with profits rising by 18%.
Research by Legal Week shows magic circle firms outpacing their domestic and international rivals, recording average growth of 42.5%, well ahead of profits growth of 14%. As expected, Clifford Chance tops the revenue rankings, with fees of £937m, while Slaughter and May is the most profitable firm with partner profits believed to have reached £1m.
