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UK law firms suffer significant profit falls

1st August 2009

The UK's law firms have suffered the biggest fall in profitability in nearly two decades, according to the Legal Week 2008-09 performance results.

Profits per equity partner (PEP) across the top 50 law firms fell by an average of 17.3 per cent, figures show.

Speaking to the publication, Linklaters managing partner Simon Davies explained that 2008-09 has been a year of 'exceptional circumstances'.

He said: '[We had] a lot of crisis work where our people responded incredibly well.

'There has been something of a shake-out and there is no reason to think that the flight to quality will not continue.'

Linklaters was recently named the top global mergers and acquisitions firm in quarter league tables from Thomson Reuters.

The law firm also leads the tables in terms of value across the financial, materials and energy and power sectors.

Globally, the firm acted on 99 deals in the first half of 2009, totalling $229.5 billion (£138.94 billion).

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