The Law Society of Scotland has just published its Financial Benchmarking Report fro 2013/14. While profits per equity partner rose 8% to £69,000, this is an average figure which hides many variances. Firms with between five and 9 partners earnt £92,000 - 7% down on the £99,000 figure registered the year before. Partners in firms with 10 or more partners earnt the most on average - but the figure fell 17% from £197,000 in 2012/13 to £163,000 in 2013/14.

Legal Aid sector

Alistair Morris, president of the Society, said: 'There is increased optimism within the profession about the future and the report’s figures indicate a more buoyant legal market. However, despite the overall rise in profits per equity partner, the survey has also highlighted very low profit per equity partner levels for some firms – as low as £15,000 for some sole practitioners in Glasgow. These very small firms often undertake legal aid, providing a key service within their communities, and it underlines the need for us to continue to press for an appropriately funded system to ensure that people can access the legal advice and services they need, regardless of their financial situation.' Source: Scottish Legal News