UK Law Firm Profits Stymie ‘Magic Circle’ Bid to Compete in US

Major UK law firms taking the competition against US rivals stateside are falling short in one important category: profits.

London’s largest global firms saw average equity partner profits increase last year, reaching as high as $2.5 million apiece. That’s still well behind the most profitable US firms, whose profits per partner ranged from $4 million to more than $8 million last year.

“It’s been a challenge,” said Brian Davis, a legal recruiter for Major, Lindsey & Africa, referring to efforts by UK firms to compete in the US. “By most measures, they are not as profitable by a significant margin.” ...