Olswang ranked most successful UK firm

Olswang is the most successful UK law firm, according to a new survey.

The West End firm beat the most profitable firm, Slaughter and May and the biggest billing firm, Clifford Chance.

The survey, by Commercial Lawyer magazine, branded Olswang, which has a well-known focus on the media and technology sectors, as the fastest-growing firm, and the one with the most improved profitability.

It is ranked the sixth most profitable firm, with a leverage of one partner to 4.15 assistants, and is considered one of the most 'happening' places to work.

The second most successful firm is the highly profitable Gouldens, which posted 569,000 profits per partner.

Both Olswang and Gouldens ranked in the top ten most profitable firms.

Leeds-based Walker Morris emerged as the most successful regional firm, with its 25 equity partners making 340,000 average profit.

The survey found that 35 of the UK's top law firms showed profit margins of more than 30%, but warned that these outstanding results have been fuelled by a mergers and acquisitions boom, which might not be sustained if the economy takes a downturn.

Although the survey recognised Slaughters as the most profitable firm with quality people, clients and work, the firm missed out on the top slot because, wrote editor Reena SenGupta, Legal Business magazine had published a survey showing that its assistants were the most unhappy in the magic circle.

The 103 Slaughter and May equity partners make 900,000 average profits and generate turnover of more than 300 million.

The firm's 440 fee-earners generate 702,273 each - nearly twice as much as the nearest rival, Linklaters.

Clifford Chance's 2,680 fee earners generated most fees - 585.5 million.

It is the ninth most profitable firm, generating 560,000 average profits per partner, although thisfigure has changed little over the last year.

Biddles' profitability shot up the most, by 44.44% this year, to 270,000 average profits per partner.

Slaughters (1.2 million), Allen & Overy (1.1 million) and US firm Weil Gotshal & Manges (1 million) were the only firms with top equity partners who broke the 1 million barrier.

Linklaters (960,000), Olswang (950,000) and SJ Berwin (875,000) were the best of the rest.

Anne Mizzi