In-house lawyers confident advisers still offer value despite record turnover and PEP levels
Senior in-house lawyers are confident they are still getting value from their legal advisers, despite last year's financial performance, which took many firms to record highs in terms of both turnover and profits per equity partner (PEP). General counsel claim the increases in revenues at the UK's leading law firms will not necessarily translate into a hike in fees for clients. Their response comes despite the fact that magic circle firms such as Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy all reported turnover of more than £1bn this year.
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