04:04, October 09 73 0

2017-10-09 04:04:18
Revealed: UK 200 Independents close in on £1.5bn revenue mark

The collective revenue of the UK 200’s independent firms is on the brink of hitting £1.5bn, The Lawyer’s new report released today (9 October) reveals.

Collectively, the firms that rank from 101 to 200 in the UK 200 saw revenue rise by 4.8 per cent from £1.41bn in 2015/16 to £1.47bn in 2016/17.

Another year of similar growth would see the group break through the £1.5bn barrier for the first time.

As a group, the independents represented 6.3 per cent of the UK 200, down slightly from 6.5 per cent in 2015/16 thanks to a stronger performance from many bigger firms. Combined revenue for the whole UK 200 rose 9 per cent to a record £23.5bn last year.

The 100 firms produced the revenue rise with relatively little investment in people. Total staff numbers rose by just 0.9 per cent to 18,031 last year and fee-earner numbers actually dropped from 10,215 in 2015/16 to 10,191.

The firms invested most in lawyers, with the number of qualified lawyers hitting 6,794 across all 100 firms – up 1.7 per cent from 6,680 the previous year. That meant average revenue per lawyer rose 4 per cent from £244,000 to £254,000.

The rankings include four new firms: Aaron & Partners, ranked joint 199th with Balfour & Manson; Vardags, ranked 193; Morrisons Solicitors, ranked 189; and Cavendish Legal Group, ranked joint 160th with Barlow Robbins.

Geldards, Boodle Hatfield and Thorntons have dropped down into the Independents from the Uk 100 to 101st, 103rd and 105th respectively due primarily to other firms’ superior growth.

The full UK 200: Independents report includes profiles of all 100 firms, analysis of key metrics, and the results of the attitudinal survey carried out with the group.