Legal Business

LB 100 – The second quartile: Wind swept

Mid-pack advisers faced contrasting fortunes over the year, with many generalists seeing margins under continued pressure, while a sizeable band of confident City and insurance players rode the winds

With a combined total of 9,859 lawyers, 1,416 equity partners, £2.46bn in revenue and profits of £578.7m, the firms ranked 26-50 in the LB100 lag significantly behind the top 25 as a group.

Revenue at the average firm in the upper quartile of firms is up 9%, inflated by the wave of mergers that has boosted the income at firms such as Dentons and Herbert Smith Freehills, while firms ranked 26-50 managed average revenue growth of 7%.