Blue chip lawyers raking in £23.5bn

BRiTAin’s lawyers have thrived in the decade since the financial crisis.

According to analysis by The Lawyer magazine, the top 200 firms saw revenues rise by 73pc between 2007 and 2017 to £23.5bn.

The total number of lawyers working for those 200 firms – partners and associates – increased by 44pc to 63,548.

‘Most of the major uK law firms have flourished on the back of a globalised London,’ said Catrin Griffiths, editor of The Lawyer. ‘Revenues and profits have been on an upward curve for six years and there’s no sign of a slowdown.’

Among the best performing firms was Allen & Overy, where turnover rose 71pc to £1.5bn and profit per equity partner – a key measure of health – rose 47pc to £1.5m.

But some have found the going tough since the financial crisis amid increased competition and challenges from us firms in London.

The average profit per equity partner has risen 15pc since 2007 to £527,000. But in that time, there has been inflation of 26.6pc.