The final years of the 20th century were good ones for the legal profession. Almost a decade of unbroken economic growth, the e-commerce boom, ever-growing EU regulation and competition law, the restructuring of European industry and globalisation led to a demand for lawyers like never before.
It has been difficult for commercial law practices not to make money. In 2000-01 the average pay per partner of the UK’s most profitable firm – Slaughter and May – broke the £1m barrier for the first time.
