header-logo header-logo

Regions outperform London for partners

30 March 2007
Issue: 7266 / Categories: Legal News , Legal services , Profession
printer mail-detail

Partners at regional law firms are outperforming those in Greater London, according to a Law Society survey.

The median profit per equity partner in London is £117,053 compared with £132,666 for those in eastern firms, £133,259 for the east midlands, and £121,674 for firms in Yorkshire and the north east, according to the seventh annual Law Management Section (LMS) Financial Benchmarking Survey.
Greater London firms also face higher costs for support staff—about 23% higher than the national medium.

The survey, based on responses from 269 LMS member firms in England and Wales, and a representative sample of non-LMS member firms, found the annual income per fee-earner was £104,379. This is a rise of 3%, compared with an increase of 8.2% and 5% in the previous two years.

More than half the respondents say they plan to convert to a limited liability partnership. Only five respondent firms did not have a money laundering reporting officer, and 53% of firms had made reports to the Serious Organised Crime Agency.

Alison Downie, chair of the LMS, says:

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
back-to-top-scroll