For this year’s LB100, we have a new peer group: City International. This group comprises firms that have leading practices in the City but also have a strong international practice, deriving a healthy proportion of their income from offices outside the UK.
All the firms in the peer group have posted increases in turnover and, barring a few, increases in average revenue per lawyer (RPL). Many firms have bolstered revenues by merging or opening new offices in buoyant markets such as the Middle East and Latin America. Thirteen of the 17 firms in this peer group opened one or more new offices last year. However, for some firms the expansion has come at a price in profit per lawyer (PPL).