Top tier UK partners are millionaires

The upper echelons of the UK legal sector are splitting into two groups by earnings - as the top ten law firms reward their partners with an average of a million pounds each.

The top UK firms are cash-rich whilst the bottom tier are struggling to survive Hauhu

Average remuneration breached the £1m barrier after a 6.1 per cent rise, according to research from PwC. However, the next group down - those ranking between 11th and 25th - saw average profits per equity partner reach under half the amount of larger firms, at £448,000. This was despite the fact that their turnovers increased by 10 per cent. According to CityAM, PwC partner David Snell said: 'Against a challenging backdrop, 2013 could be seen as a turning point for the legal sector with the gap between best and worst performing firms widening further – and clear blue water between the top 10 firms and the rest of the sector.  Worryingly, with almost a third of law firms outside the Top 10 recording disappointing net profit margins, our view is that unless these firms can radically restructure their business, their short to medium term survival must be in doubt.'

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