While 2024-25 was another strong year for the UK’s biggest law firms, those with an insurance focus underperformed compared to the rest of the LB100 – a marked change from the previous year.
Of the 13 LB100 firms with the strongest focus on insurance, all saw a slowdown last year, with average growth dipping from 11.4% in 2023-24 to 3.6%, significantly down on the average of 9.6% for the LB100 as a whole.
This marks a notable shift on 2023-24, when the same group of firms outperformed the LB100 with average growth of 11%.
The story for profits per equity partner (PEP) is similar. Insurance firms saw an average increase of 1.8% in 2024-25 – well down on 11.1% in 2023-24 and the 6.5% average for the LB100 as a whole.
Although averages were affected by volatile year-on-year performances, a handful of insurance-focused firms did enjoy a strong 2024-25, with two – Kennedys and Capsticks – outperforming the LB100 benchmark.
As one of only 12 LB100 firms to post double-digit increases for both revenue (11.7%) and PEP (12.2%), Kennedys was a notably impressive performer. Senior partner John Bruce put this down in part to the firm’s geographic growth, particularly in the US.
‘Insurers are looking for global panel firms, and we are reflecting that, targeting growth in the US, and then also in Australia and EMEA,’ Bruce said. Last year Kennedys opened two new offices in Seattle and Los Angeles, building on the presence in New Jersey, New York and Chicago it gained in 2017 through its merger with US firm Carroll McNulty & Kull.
‘US insurance clients want a shrunken panel of fewer firms being able to service as many of their needs as they can. I think we’re ahead of the curve in realising that and are doing our best to deliver,’ Bruce added.
DWF also posted above average growth among insurance-focused firms, with revenue up 7.1% to £466m. CEO Matthew Doughty echoed Bruce in highlighting the importance of a growing footprint, pointing to the acquisition of Australian claims management business Proclaim.
Doughty also stressed the importance of its private equity backing following its 2023 take-private by Inflexion: ‘One of the differentiators for DWF is our unique ownership structure and the investment we have received from Inflexion. This allows us to quickly make important investment decisions in areas such as technology.’
Firms without an international presence were among those to post less impressive results for 2024-25. Bond Turner’s revenue fell by 21.3% last year after steep growth in 2023-24, while Weightmans saw turnover growth slow from 12% to 3.4%, with PEP growth of 26% in 2023-24 followed by a 15% decrease last year.
While Weightmans does not have offices outside the UK, the firm does have an eye on the international market, drawing attention to last year’s North American launch of its cyber consultancy, CyXcel, in its announcement of its financial results, as well as the £10m in international revenues it generated last year.
Even in the UK market, international reach is crucial for growth, as Kennedys’ Bruce emphasises. ‘A lot of insurance that is underwritten in the world still comes out of UK, even if it’s a risk in Guatemala. Those UK insurers, by definition, tend to be international. Some of our competitors have not grabbed the international opportunity as quickly as we did, perhaps.’
For more on the LB100, check out our 2025 hub page, where you can find our full main table and all our in-depth analysis.
