A small band of British lawyers are earning pounds 1.3m a year on the crest of a business boom that has seen their firms' profits more than treble in less than a decade.
Seven elite law firms now pay their top lawyers more than pounds 1m, research published today indicates. They come from a clutch of niche corporate practices and the group of elite firms that dominate the City, known as the 'magic circle'.
This year the top 100 firms generated pounds 9.63bn, of which nearly pounds 3bn is pure profit shared out among the City's top lawyers, Legal Business magazine reports.
Comparisons with similar figures for last year show that profits are up by 8.9 per cent and overall fees up by 5.7 per cent. This represents a trebling of profits in just seven years.
'It means only one thing,' the Legal Business editor, Tom Freeman, said. 'Law is the most amazingly profitable business to be in.'
A separate report published by the Lawyer magazine today describes 2005 as a year of 'recovery all round', in which partners' profits for the big four law firms of the 'magic circle' rose by 13. …