City top 10 outstrips the competition as average profits break £1m mark
The top 10 City firms have been the star performers within the UK top 50 over the last year, with the firms boosting both turnover and profits per equity partner (PEP) by around 17.5% on average. Strong M&A activity over the first half of the year helped the firms outperform the rest of the top 50, with average turnover across the group hitting £704.6m and average PEP breaking the million-pound mark to hit £1.067m. The group is closely followed by the City-based £100m club, which includes the 12 City firms outside the magic circle with revenues of more than £100m. This group of firms, from Lovells down to Macfarlanes, saw turnover grow by an average of 16% and profits by 12.4% to £731,300.
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