The boom years of the 1990s – characterised by surging stock markets, the internet bubble and growth in European Union (EU) regulation – saw demand for business lawyers reach unprecedented levels.
And the UK’s law firms reaped the benefits, with profits reaching record levels and senior partners at top City practices such as Slaughter and May and Allen & Overy (A&O) enjoying annual earnings in excess of £1m. It was a time when a 20% increase year-on-year in both fee income and profitability was seen as merely an average performance.
