Partners at regional law firms are outperforming those in Greater London, according to a Law Society survey.
The median profit per equity partner in London is £117,053 compared with £132,666 for those in eastern firms, £133,259 for the east midlands, and £121,674 for firms in Yorkshire and the north east, according to the seventh annual Law Management Section (LMS) Financial Benchmarking Survey.
Greater London firms also face higher costs for support staff—about 23% higher than the national medium.
The survey, based on responses from 269 LMS member firms in England and Wales, and a representative sample of non-LMS member firms, found the annual income per fee-earner was £104,379. This is a rise of 3%, compared with an increase of 8.2% and 5% in the previous two years.
More than half the respondents say they plan to convert to a limited liability partnership. Only five respondent firms did not have a money laundering reporting officer, and 53% of firms had made reports to the Serious Organised Crime Agency.
Alison Downie, chair of the LMS, says: “With the opening up of the legal market place, firms
