Featured in Legal Futures, Bowmore CEO Mark Incledon commented on HMRC data showing a significant rise in income for equity partners at UK law firms. Earnings increased by 42% over five tax years to 2022/23, far outpacing both barristers and the wider UK workforce.
The data, sourced by Bowmore Wealth Group through a Freedom of Information request, also revealed that self-employed solicitors earned an average profit of £307,000 in 2022/23. That’s up from £216,000 in 2018/19.
“UK law firm partners have continued to experience strong income growth,” Mark told Legal Futures. “Demand has held up very well.”
This data underscores the need for high-earning legal professionals to consider a long-term strategy that goes beyond income alone. Planning for changing market cycles, lifestyle goals and future resilience is essential.
Legal Futures: Law firm partner earnings grow twice as fast as barristers’ income
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