The 26 regional and national firms occupying the 51-100 places in this year’s LB100 come in with an average of 269 lawyers and 33 equity partners, a slight increase on last year. Average revenue increased 5% to £57.5m, three percentage points below the growth rate of the LB100 as a whole. This mirrors last year, where average revenue only increased by 4%, a departure from the 11% and 13% growth rates seen in 2020 and 2021 respectively.
More significantly, our 2023 report also sees a sharp decline in profit per equity (PEP) by 14% to £345,000, in a stark contrast to the 14% growth rate last year and a much heavier dip than that experienced by the LB100 at large.
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