Total revenue for the UK’s top 200 firms has broken through the £20bn mark for the first time, The Lawyer’s annual report on the UK legal market has revealed.
The top 200 UK-headquartered firms, including international giants DLA Piper and Hogan Lovells which retain a high level of UK control, collectively generated £20.2bn last year. It was the first time the group broke through the £20bn barrier, with revenues up 6 per cent from just over £19bn the previous year.
Here are some of the key facts and figures from this year’s report.
DLA Piper maintained its position at the top of the UK200 with turnover of over £1.5bn. Clifford Chance held on to second spot, with Linklaters, Allen & Overy and Freshfields rounding out the top five.
Of the top 50 firms, Macfarlanes was one of the top performers in 2013/14. The firm’s turnover rose 22.4 per cent to £139.75m, while its profit rose by 31 per cent. Other firms recorded larger revenue growth, but Macfarlanes managed to achieve it without any mergers or overseas expansion.
Of the smaller firms, the Oxford firm Darbys achieved the greatest organic growth, revenue rising 35 per cent to £12.6m.
The highest-paid partner in the whole of the UK200 was at DLA Piper, where the top earner took home £3.2m. However, DLA has a wide equity spread, meaning that the lowest-paid partner earned just £230,000.
Personal injury firm Bott & Co had the greatest fall in revenue. The impact of the Jackson Reforms led to a 32 per cent drop in turnover. Memery Crystal, Gordons and Clarkslegal also saw turnover drops of more than 10 per cent.
Brick Court Chambers topped the bar rankings, posting fee income of £63m, just ahead of One Essex Court (£62m).