Determinants of solicitor earnings – page 10-11
German data on profitability and income of legal expense insurance providers (page 5).
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
In 2000, Magic Circle firms were the top five in terms of income and profit per equity partner – average profits were
In the very large US firms, profits per partner can hit US$1 million (page 78).
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
Legal services make an important contribution to the UK economy. They
Looking at law firms in the US, high levels of earnings are associated with larger law firms – page 4
Based on an average cost of conveyancing to a buyer of
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
Reports on results of telephone survey of 21% of criminal legal aid firms:
Sample profile – page 3
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
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
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.
Breakdown of solicitors over 18 year period (page 20). Currently
Estimates of the financial value of pro bono work over the past twelve months provided by private practice 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
Overview of corporate legal services market in US, comparing performance in 2007 with previous years.
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.
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
Profit of top 100 UK law firms was
Profits of firm by size (page 47/72 ) – 1994 – 1998.
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.
Range of financial data – Charts 4-6 – including how top 50 law firms have grown profits over the last 10 years
Range of financial data – pages 4-6 – including how top 50 law firms have grown profits over the last 10 years
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.
Austrailian study – typical salaries across legal aid, public prosecutor, law firm, in-house (page 41).
Reports on 2008 as a year of record results with average fees per partner in the top 10 firms reaching almost
Top ten UK firms – 2003 to 2006 (page 10). Profits up 72%, profit margins up 12.5.