Corporate lawyer news – Top 100 legal firms enjoy record profits
For the first time in history, the combined profits of the nation’s 100 largest private and commercial law firms exceeded the £5 billion mark, with corporate lawyers frequently the most profitable specialists.
According to the list, those dealing with commercial law such as acquisitions and mergers billed around £18 billion in fees for their services during the 2011/12 financial year.
The figures show that there has been almost continual growth in the legal sector since the list’s inaugural publication in 1992 when profits totalled less than £900 million.
“Despite the dismal economy of the last four years and the current double-dip recession, our legal industry is in rude health,” said the magazine’s editor.
There is also good news for gender equality in the corporate lawyer profession, with women now accounting for 45 percent of junior private and commercial lawyers.News