” … median profit per equity partner is £111,000, which is £4,000 higher than the figure from last year’s survey.” BUT “If firms could focus more on profitability and perform at the upper quartile point for gearing, recorded hours, recovered rate and margin, they would achieve a profit per equity partner of £409,000.”
“… median profit margin steady at 24%, close to the long-term average of 25%. This suggests that the legal profession has now implemented the necessary changes to earn at historical levels. Are firms going to be happy with this level of profit?”
… and much more to help you set expectations for your practice. The survey covers 390 firms, delivering robust regional and national data reference points.
This is the largest annual benchmark report to date from NatWest, with contributions up by 15% from the 2015 report which you can also find here.