A survey published last week has revealed that for the UK's top 100 law firms, 2005 was a very profitable year.
According to research conducted by Legal Business magazine, profits overall rose by a fifth to GBP3.5 billion, with the lawyers themselves collecting 20% more in profits than the previous year.
The Legal Business survey went on to reveal that the top 100 firms billed their clients GBP10.8 billion in 2005, an increase of 12% on 2004's figures.
However, despite a bumper year for corporate lawyers, the research revealed that younger lawyers are frustrated by difficulties in becoming equity partners, leaving open the possibility that they may decamp to other, more profitable sectors.
Speaking to the Financial Times last week, Legal Business editor, Jim Baxter revealed that the hard work being put in by lawyers is generating "greater profits for equity partnerships that are becoming harder to join".
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