Almost half of City partners believe partner profits at leading law firms are likely to drop by more than 25% during this recession, according to new research. The latest Legal Week Big Question survey found that almost a third (30%) of partners believe profits will drop by between 25% and 30%, while a further 17% said they will plummet by more than 30% from their recent peak. Only 1% of respondents said profit levels would fall by 10% or less, with the remaining 52% believing that profits will fall by between 10% and 25%. The 2007-08 financial year saw profits per equity partner (PEP) surge to an average of £616,200 across the UK top 50, with that figure hitting £1.33m across the magic circle.
February 26, 2009 at 12:03 AM
1 minute read
The original version of this story was published on Legalweek
City partners are battening down the hatches in readiness for reduced profit during the recession, with almost a third polled believing takings will drop by 25%-30%. Emma Sadowski reports
Almost half of City partners believe partner profits at leading law firms are likely to drop by more than 25% during this recession, according to new research.
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