While smaller regional and national firms gained significant ground on their London rivals in last year’s Legal Business 100 (LB100) after years of the productivity gap widening in favour of the City, they have upped the ante again this year. Some of the strongest performers from the 31 regional firms in the 51-100 bracket have shown a resilience that sets them apart.
Following last year’s 7% overall revenue growth, the group’s collective revenue rose a Covid-defying 7% again to £1.46bn in 2019/20, for an average revenue of £47m. However, productivity per capita at regional firms, although always traditionally weaker than London counterparts in the Second 50, saw some retrenchment. Revenue per lawyer dropped 2% to £193,000, while profit per lawyer also fell 2% to £37,000. Average profit per equity partner (PEP), however, managed to move up 4% to £352,000.