Partners predict 30% profits drop-off
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.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now