According to a survey recently conducted by the Legal Week news service, despite a slump in profits for the third consecutive year at the so-called 'magic circle' leading City law firms, profits at the top 50 firms showed an increase of 6% for the financial year which ended in March.
The 2003-04 results show average partner profits increasing after a two year slump, and fee income growing by an average of 4.6%. The lawyers questioned for the poll reportedly attributed the promising results to solid levels of real estate work, litigation, and general commercial work.
However, the survey also revealed that average partner profits at magic circle firms fell 7.9% in the year to April 1, making this the third year running that the leading firms have seen their profits drop.
The decline has been blamed on a continued slump in big-ticket European merger and acquisition activity (M&A), according to Legal Week.
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