UK firms are also holding their ground against the US invasion of law firms with the last decade revealing total net profits from the top 100 increasing to £6.9 billion, up 61 per cent from 2007. According to The Lawyer, the highest level of profit per equity partner was £2.02 million, up from £1.62 million ten years ago. The figures also reveal that Allen & Overy was top performer with an average profit per equity partner of £1.5 million.

US profits

However, the US firms are well ahead in terms of profits per equity partner (PEP) with two Am Law 100 firms boasting PEP of more than $5 million – Wachtell Lipton Rosen & Katz and Quinn Emanuel Urquhart & Sullivan. A further six are above the $4 million mark whilst 16 are above $3 million. Nearly three in four of the top 100 US firms have partner profits of more than $1 million. Sources: The Lawyer, The Financial Times, Legal Week.