In this month’s City Signal report, we look under the bonnet of the 2022/23 financial results for insights into how some firms are making progress on the three key aspects of fiscal performance: revenue per lawyer (RPL), profit per lawyer (PPL) and cost per lawyer (CPL). In addition, several key headcount indicators are analysed which have underlined increasingly challenging trading conditions.
This report has been compiled using a primary data set from a new and unique ranking of the largest UK 200 firms by the revenue they generate in London, which we call the London 50. Breaking out London revenue from firms’ global data not only reveals the largest UK-headquartered firms in the City but also highlights the variety of growth strategies employed by UK 200 firms. In 2022/23, 29 firms posted London revenue in excess of £100m.
The metrics used are firmwide, rather than based on just London revenue for accuracy. The report focuses on firms that have shown the most progress on these metrics over the past one and five years. Assessing the change over the past five years is particularly revealing, because this period stretches back before the Covid-19 pandemic, which significantly skewed financial results as many costs disappeared overnight and profits rose dramatically, if only temporarily. The Lawyer quizzed them about the steps they have taken to achieve higher revenue, reduced costs or increased profits, or all three.
To view the full London 50 ranking, read the report now!
