Legal Week has grouped firms with turnover topping £100m in this year’s top 50 to reflect the fact that the financial performance of mid-tier City firms has converged with that of larger, international rivals. The group replaces the previous category of ‘chasing pack’ firms.
The change illustrates the performance of City firms such as SJ Berwin and Berwin Leighton Paisner (BLP), which now have a higher turnover than Denton Wilde Sapte. Many of the traditionally UK-focused mid-tier firms are also averaging significantly higher partner profits figures than their ‘chasing pack’ rivals.
