The gap in profits between London’s
so-called magic circle firms and their nearest rivals has narrowed for the second year running, as evidence emerges that expansion costs and slowing corporate activity have eroded the top London firms’ once unchallenged profitability.
The annual survey, by Legal Week Global’s parent title Legal Week, of the financial results for the top 50 UK-based firms, published this month, confirms the magic circle’s profits are one of the major casualties of the slowdown in commercial activity in the past 18 months.
