The LB100 survey is now in its 20th year – what does the data reveal about how the market has changed?
When LB first published the gross fees of the UK’s biggest firms in 1992, it was met with consternation and horror by some partners. ‘It is one thing for the Americans and accountants to get into this sort of thing, but not lawyers,’ one managing partner told us at the time. ‘I don’t think you will get any of the City firms to talk about this sort of thing.’
Another managing partner declared: ‘Anyone who gives you this information will be booted out of the partnership.’