National and regional firms increased their revenue at a faster rate than international or London firms last year, according to preliminary LB100 data – but international firms are surging further ahead on partner profits.
The early results point to a widening divide in the strategies being pursued across the market, from acquisition-led expansion among national and regional firms to a sharper focus on profitability among international players.
National and regional firms are taking market share
National firms increased their top line by an average of almost 12% over the last financial year, with regional firms growing by 9%, based on the figures announced so far.
By contrast, international and London firms grew their revenue by 8% and 7% respectively.
Of the firms to have announced their financials to date, the fastest growth rate was seen at Manchester-based regional firm Fletchers Solicitors, which increased revenues by more than 40% during the year to £111.8m.
The firm is backed by US private equity firm Sun Capital, and has fuelled its growth by acquiring large teams from other firms, including picking up Shoosmiths’ serious injury practice last summer.
Other strong performances included 27.8% growth for listed firm Knights, which has made a name for itself by rolling up firms across the country, as well as platform firms Keystone Law and gunnercooke, which boosted revenues by 17.9% and 20% respectively.
In total, almost two thirds (63%) of the national firms to have reported their financials so far increased their revenue by double-digits last year, compared to just over one third (38%) of international and London firms.
Top five national and regional firms by revenue increase
International firms are doubling down on profitability
While revenue growth among international firms was relatively modest during 2025-26, the UK’s global players are continuing to pull away on PEP, with a year-on-year growth rate of more than 9%.
This compares to average growth rates of around 4% for national firms, and around 3% each at London and regional firms.
Transatlantic firm BCLP was among the standout performers, with a 40% increase taking it from £722,000 to £1.01m.
The firm has pursued a revamped strategy in recent years, combining a focus on core sectors with a drive to cut costs, and has also trimmed its equity partner numbers, down 6% on last year to 171, and down by more than a third over the last five years.
Other strong performers on PEP include Withers, which posted a 26% increase, and Norton Rose Fulbright and DLA Piper, with increases of 23% and 18% respectively.
Ten of 22 (45%) international firms increased PEP by double-digits, compared to just eight of 30 (27%) national and regional firms to have reported profit figures so far.
Top five international firms by PEP increase
London firms are lagging on growth – with some exceptions
London firms found revenue growth harder to come by last year, with an average growth rate of 7% trailing international firms on 8%, regionals on 9% and nationals on 12%.
And their average PEP increase was also the second slowest, up by an average of 3.3% – just ahead of regional firms at 3.1%.
Of the London firms to have reported their revenues so far, Bristows and Fladgate were the top performers on revenue growth, with increases of 17% and 16% respectively.
The results mark the first time that Fladgate has crossed the £100m mark, on the back of a strong performance last year when the firm was one of only 12 in the LB100 to post double-digit increases to both revenue and PEP.
Lewis Silkin was another strong performer for revenue last year, as the firm continues its shift from a historically London-centric model towards a more nationally focused operation, with expansion into markets such as Manchester and Leeds contributing to a 13.4% increase.
On PEP, meanwhile, RPC was a standout performer with a near-28% increase bringing it to £650,000. With an 11% increase in turnover, the results marked the firm’s second strongest performance in a decade.
