We all know that Biglaw firms in America did well in 2023, but what about their Biglaw counterparts across the pond in the United Kingdom? How did they fare when it came to their financial metrics in 2023-2024? Thankfully, the latest edition of the UK Top 50 is out, which measures gross revenue, revenue per lawyer, and profits per equity partner, just like the Am Law 100.
Collectively, as noted by Law.com International’s Louis Altmann in his summary of the data, the UK Top 50 achieved “one of their strongest years in recent memory,” up by 9.7% in terms of gross revenue, with a 12.9% increase in profits per equity partner (£973,500). Here are more details on the (mostly) positive results from the UK:
It makes sense that law firm leaders are upbeat. After all, the numbers are some of the most impressive of the past decade in terms of revenue and profit and feature notable jumps in revenue from the likes of Osborne Clarke (19%) and Kennedys (17%) in the 12 months to April 2024, while hardly any suffered a decline. …
Meanwhile, the double-digit rise in PEP means the average for a Top 50 firm is now £973,500—a significant improvement after the previous year’s 8.1% fall.
Kennedys, Allen & Overy, Macfarlanes and Charles Russell Speechlys all posted PEP percentage increases of 20% or more, while down the revenue table Hill Dickinson and Weightmans saw PEP skyrocket by 40% or more. CMS, Eversheds and Pinsent Masons all saw slight PEP shrinkage on last year.
Without further ado, here are the Top 10 firms in the UK by gross revenue:
- Clifford Chance: £2,300 million
- Allen & Overy: £2,200
- Freshfields: £2,140
- Linklaters: £2,100
- CMS: £1,701.9
- Herbert Smith Freehills: £1,306
- Eversheds Sutherland: £1,190.5
- Clyde & Co: £844.4
- Pinsent Masons: £649.6
- Slaughter and May: £625
Click here to see the rest of the UK Top 50. Congratulations!
The UK Top 50 Ranked By Revenue: Big Rises Mask Slower Underlying Growth [Law.com International]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
