The UK’s ‘chasing pack’ firms have avoided a repeat of their torrid 2004-05 to post respectable increases in average profits per equity partner (PEP), but the group conspicuously failed to match London rivals on top-line growth.
The firms, which include Lovells, Herbert Smith, Simmons & Simmons, Ashurst, Norton Rose, CMS Cameron McKenna and Denton Wilde Sapte, recorded an average increase in turnover of 7.4% in 2005-06, compared with a 0.6% increase in 2004-05. The figure is well below the average turnover increase for both the top 50 as a whole (13.1%) and the magic circle (12.4%).
