Median fee income per equity partner increased to £825,331 in 2021
According to the Law Society’s law management section Financial Benchmarking Survey 2022, the performance of law firms was stronger than expected during the pandemic.
The survey collected financial data from 206 firms, with a combined income of over £1.1bn. The report contains data from the last two financial years: 2020 - 21 (2021) and 2019 - 20 (2020), April to March.
69 per cent of firms reported year-on-year growth in fee income in 2020; 40 per cent saw growth of more than 10 per cent. Many firms performed well financially thanks to consistent demand during the pandemic, lower costs and support from government which helped them avoid job losses.
83 per cent of participants had furloughed at least so...