Organisation Description Year
The Law Society

Ethnicity and earnings in private practice

Determinants of solicitor earnings – page 10-11

2009
Legal Services Research Centre

Legal expenses insurance: preconditions, pitfalls and challenges – Matthias Killian

German data on profitability and income of legal expense insurance providers (page 5).

2010
University of Oxford

What is happening in the legal services market? Law Society meeting on how to respond to outsourcing 7th September 2010 Professor Mari Sako

Global legal services market $458bn revenue employing 2.4m people in 2007. Europe has a 27% share of revenue. – Slide 4
ONS statistics show a 2.5bn export surplus in UK trade in legal services. – Slide 6

2010
Marc Galanter & Simon Roberts

From kinship to magic circle: the London commercial law firm in the twentieth century

In 2000, Magic Circle firms were the top five in terms of income and profit per equity partner – average profits were

2008
The Law Society

Trends in the solicitors

In summary:

2001
Suffolk University Law Review

When law firms fail John P. Heinz

In the very large US firms, profits per partner can hit US$1 million (page 78).

2010
JP Morgan Asset Management

Professional Connections: creating opportunities between IFAs and other advisory professionals

55 solicitor fi rms from across the UK in December
2009/January 2010 via marketing analysts the Orchestra Group. Sixty-four percent of respondent firms declared total annual gross annual fee income of more than

2010
International Financial Services London

Legal Services – City Business Series

Legal services make an important contribution to the UK economy. They
generated

2005
Harvard Law School

Overview of the Professional Services Industry and the Legal Profession

Looking at law firms in the US, high levels of earnings are associated with larger law firms – page 4

2008
The Law Society

Trends in the solicitors

Summary of profitability – page 8
Gross fees trends 1993-1999, Overseas earnings 1993-1999, proportion of gross fees from legal aid 1989-2000, Gross fees per fee earner type, per solicitor, by size of firm, and per region. PPE.
Pages 39- 51

2000
Hildebrandt International & the Citi Private Bank

Client Advisory January 2008 US Legal Market

Overview of corporate legal services market in US, comparing performance in 2007 with previous years.

2008
Frontier Economics

A market analysis of legal aided services provided by solicitors December 2003

Survey of 303 legal aid solicitors firms found different level of utilisation:
Close to 10% of firms typically achieve fewer than 800 hours. This equates to approximately 3.5 chargeable hours achieved per day, which compares with over 5 chargeable hours achieved per day for firms achieving 1200 hours in total and 8.5 hours per day for those achieving 2000 hours in total.
Page 47
Analysis found that chargeable hours do not appear to be constrained by administration, work-winning capability, and did not find any supply blockages. The firms with potential spare capacity are those most likely to be unwilling to take on more work – these firms are high cost, derive only a
relatively small proportion of their total fee income from publicly funded work and obtain a relatively higher price for their private client work than other firms. Page 50

Develops a mechanical estimation of supply and discusses the different characteristics of firms at different stages along the cost curve, looking at Crime, Family & Other Civil – Pages 50 to 55

2003
International Financial Services London

Legal Services 2011

Profit of top 100 UK law firms was

2011
Office of Fair Trading

Competition in professions

Profits of firm by size (page 47/72 ) – 1994 – 1998.

2001
Journal of economic geography

Financialization and the reorganization of large law firms: practices, vectors and implications

Profits per equity partner increased by 157 percent at the ten largest English corporate law firms between 1993 and 2008 (page 1). Reproduces data from Legal Business on page 39.

2009
International Financial Services London

Legal Services 2009 Data

Range of financial data – Charts 4-6 – including how top 50 law firms have grown profits over the last 10 years

2009
International Financial Services London

Legal Services 2009

Range of financial data – pages 4-6 – including how top 50 law firms have grown profits over the last 10 years

2009
The Law Society

Earnings and work of private practice solicitors in 2007

Reporting on a representative sample of practitioners by diversity, firm size (with 2-10 partners slightly over represented) grade and age. (Pages 8-10).

On average, private practitioners on full-time contracts worked a median average of 45 hours a week and typically billed for 1,440 a year (27.6 hours a week, median). Those on part-time contracts worked a median average of 26 hours a week and typically billed for 871 (16.75 hours a week). On average, therefore, part-time workers billed for 64% of their working hours compared to 61% for full-time workers.
Page 15

2008
Price Waterhouse Coopers

Legal aid funding – current challenges and the opportunities of cooperative federalism

Austrailian study – typical salaries across legal aid, public prosecutor, law firm, in-house (page 41).

2009
Price Waterhouse Coopers

The law firms survey 2008

Reports on 2008 as a year of record results with average fees per partner in the top 10 firms reaching almost

2008
Office of Fair Trading

Home buying and selling – A Market Study February 2010

Based on an average cost of conveyancing to a buyer of

2010
Bar Council

The Future of the Bar by Nicholas Green QC, June 2010

Makes distinction between Private & Publicly funded Bar. Privately funded Bar seeing an increase in work – page 11

Based on present rates of pay a typical criminal barrister of 4-5 years

2010
National Audit Office

Solicitor Survey for Criminal Legal Aid Growth For Knowledge

Reports on results of telephone survey of 21% of criminal legal aid firms:

Sample profile – page 3

2009
Kings College London

The Work of the Family BarReport of the Week-At-A-Glance Survey 2008Debora Price PhD & Anne Laybourne MSc

Breakdown of family barristers turnover over the past three years:

On average, barristers who undertake any family work make 70% profit on their turnover, with a 95% confidence interval around this estimate of 68.91% to 70.27% (we can be 95% confident that barristers

2008
Association of British Insurers

Protection and Sustainability: ABI proposals on solicitors’ professional indemnity insurance

over the nine years of the open market, total premiums have only once risen beyond the level of the premium set in the final year of the Solicitors

2010
Price Waterhouse Coopers

The law firms survey 2009

Summary of profit per equity partner for the top 100 firms. Highlights reasons for relatively weak performance of the top 11-25 group of firms. Covers chargeable hours, %age of fees generated from overseas work, and use of outsourcing.

2009
Legal Services Board

Possible futures for international law firms

Breakdown of solicitors over 18 year period (page 20). Currently

2010
The Law Society

The pro bono work of solicitors 2007

Estimates of the financial value of pro bono work over the past twelve months provided by private practice solicitors

2008
University of Leeds

Financialization by proxy: the case of large City law firms – Daniel Muzio and James Faulconbridge

Top ten UK firms – 2003 to 2006 (page 10). Profits up 72%, profit margins up 12.5.

2009