Partners axed, revenue growth sluggish at large UK firms
Legalweek.com reports that the UK`s 100 largest law firms by revenue have experienced their slowest income-growth rate for six quarters.
The average increase in fee income is 3.8% for the period ended on July 31, 2012 compared to the same period last year, representing the slowest growth since the period ending January 31, 2011.
The top 10 UK firms saw the smallest increase in fee income over the period, posting a 1.7% rise, compared with 2% for firms ranked 11 to 25 and 4.5% for those between 26 and 50,“ writes Pui-Guan Man.
In a separate article, legalweek.com reports that 439 partners left the main limited liability partnerships of the UK`s 20 top law firms in 2011-12.
“Legal Week research shows 342 of the 439 partners listed on Companies House as resigning from their firm’s UK LLP during the financial year running from 1 May 2011 to 30 April 2012 left their firms altogether – equating to 78% of the LLP exits and 6% on average of the firms’ total partnership size during the last financial year,” writes Alex Newman.