Survey Discovers Legal Industry is Recession Proof

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3rd September 2012 16:32 - Professional Services

Quantitative market research by the magazine Legal Business has found that law firms in the UK are enjoying record profits, despite the double-dip recession.

The annual survey found that these high profits have been helped greatly by a number of mergers of major law firms during 2010/11.

Currently, the combined profits of the UK's 100 largest law firms have exceeded the £5bn mark for the first time in the 2011/12 financial year.

The legal market has grown eight-fold since twenty years ago when the survey was first published – at that time the major 100 law firms collectively made profits of £891m.

This latest study saw the top 100 billing £17.7bn plus raking in £5.4bn in profits – this figure represents an 8% increase on last year.

In addition, they were predominantly found to be focussing on corporate law, dealing with mergers, acquisitions and advising major companies.

At present, the survey also discovered that the Top Five biggest legal firms in the UK by turnover are DLA Piper, Clifford Chance, Linklaters, Allen & Overy and Freshfields Bruckhaus Deringer, with Slaughter and May being the most profitable.

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