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Second Tier Law Firms Boom - But With A Caveat

Second Tier Law Firms Boom - But With A Caveat  - The Law Jobs and News Wire

While the legal world awaits reports from the Magic Circle firms London's creme-de-la-creme, those pretenders to the Magic Circle throne are showing strong financial performances.

The stars to date have been Herbert Smith and Ashursts, who have both broken the ₤1 million pound barrier, followed by the clutch of other firms including Lovells, who had an average 2006-07 year but who have now generated a profit per equity partner (PEP) figure of £662,000.

Simmons & Simmons has a similar PEP as Lovells, while Eversheds have a figure of £552,000. Pinsent Masons expects their PEP to be somewhat less than Eversheds, but with an increase over last year's figure.

All firms trumpeted their double-digit growth in turnover and PEP with significant increases in profits and PEP figures.

However, there are warnings that things will tighten in the year ahead. Eversheds chief executive David Gray has said that recent research conducted by the firm showed that law firm fees growth was unsustainable with clients increasingly expecting value for money.

It is now up to law firms to demonstrate that they can work in a commercial way that enables cost predictability for clients during this uncertain time.


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