Behind the LB100’s headline figures, closer analysis of the data provides deeper insight into the varying fortunes of the UK’s top law firms – shining a light on where momentum is being built, and where it’s being lost.
Here, we take a look at 2024-25’s standouts, as well as some of the firms for which the year was not quite so positive.
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Twelve LB100 firms posted double-digit increases for both revenue and profit per equity partner (PEP) this year. Of those, Linklaters is the only firm in the top 20 to make the cut – with 10.5% revenue growth and 15.8% PEP growth. Kennedys and Stephenson Harwood are the only other firms in the top 50 with double-digit growth in both metrics, with the remaining nine firms in the second 50 including Lewis Silkin, Birketts and Fladgate.
The fastest-growers by revenue in this year’s LB100 are firms with a very different profile to the traditional full service law firm model. With 50.6% growth, ‘platform law firm’ Setfords comes top, with personal injury practice Fletchers and pensions specialist Sackers coming second and third by revenue growth.
At the other end of the spectrum, the biggest percentage dip in revenue this year was 21.3% at claims firm Bond Turner. In total, even including firms with revenue figures estimated by LB, only eight of the LB100 saw turnover fall during 2024-25. This group includes City trio Travers Smith, BCLP and Fieldfisher.
When it comes to increasing partner profits, this year’s best performers include RWK Goodman – the firm formed by the 2022 merger of southwest firm Royds Withy King and London’s Goodman Derrick – which boosted PEP by almost 50% to £411,200. Four other firms enjoyed growth of more than 25%, including two which hit the £1m mark for the first time – Stephenson Harwood and Shoosmiths.
Looking at the LB100 by headcount highlights the huge disparity in size betweeh the mega-firms at the top and those lower down. With 5,268 lawyers and more than 1,300 partners, CMS is the biggest firm in the LB100. Its scale makes it nearly 80 times bigger than the smallest firm – Sackers – which has 67 lawyers and 27 partners.
But Sackers’ size serves it well when it comes to profit margin and profits per lawyer. The firm has the highest profit margin in the LB100 at 51% and is second only to Slaughter and May by profit per lawyer, with the caveat that Slaughters does not disclose profits and therefore its figures are estimated.
Allen & Overy, Freshfields, Clifford Chance and Linklaters also, unsurprisingly, put in a strong showing by profit per lawyer, with Macfarlanes holding its position as their most credible competitor.
For more LB100 coverage, including the full table of results, see The £40bn club: LB100 push revenues to new high
