Survey reveals legal partner earnings growth

EQUITY partner earnings at Britain’s top 100 law firms have increased despite falling revenues, according to a new survey.

Among firms with significant presences in Yorkshire, DLA Piper recorded the largest turnover at £581m, down just 1% on the previous year. It was one of only four among the top ten firms by turnover that saw profit per equity partner (PEP) fall, by 25% to £485,000.

The figure puts DLA Piper fifth in terms of turnover behind Clifford Chance, Linklaters, Freshfield Bruckhaus Deringer and Allen & Overy in the Legal Business 100.

Eversheds is ninth in the list with turnover of £335m, down 8% on 2009, while profit per equity partner (PEP) rose by more than a quarter to £515,000.

Further down the turnover league table, Pinsent Masons was 14th where turnover fell by 4% to £206m although PEP increased by 30% to £404,000.

PEP at Addleshaw Goddard was up 6% to £425,000 as turnover fell 3% to £167.5m, putting the firm 20th in the national list.  Turnover at Irwin Mitchell, 22nd on the list, was down just 1% to £157m producing PEP of £540,000, down 12%.

At Hammonds, turnover was cut by 6% to £118m, putting the company 24th, while PEP grew 36% to £359,000.

Kennedys, which opened its first Yorkshire office earlier this year, is 35th on the list as it recorded turnover of £88.3m, up 31%, as PEP rose 42% to £414,000.

Hill Dickinson, which took over Halliwells’ Sheffield operation this year, is 36th in the list with turnover of £87.1m, up 6%, while PEP fell 17% to £248,000.

DWF appears 42nd in the list with turnover of £70.8m, up 18% and PEP of £338,000, up 30%.

The highest earnings for partners in Yorkshire were at Gordons which had PEP of £700,000, up more than 50% on 2009, on turnover of £22m, up 1% on the previous 12 months.