National firms lag behind UK average despite double-digit revenue growth
Nationally-focused law firms have emerged as the weakest performers in the UK over the last 12 months, despite posting double-digit growth in revenues. Results drawn from the Legal Week top 50 show that the UK's top 10 national and regional firms increased their revenues by an average of 10.4% during the last financial year, while average profits per equity partner (PEP) grew by just 2.2%. The results, which come against a backdrop of redundancies at some of the major regional players, mean that average PEP for the biggest national firms now stands at £492,700, with average revenues per lawyer reaching £278,800.
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