PwC data shows the UK top 10 taking more than half of top-100 revenue

On October 14, the Financial Times reported that PwC’s annual UK law-firm survey found the top 10 firms generated more than half of the top-100 revenue pool for the first time, with average net-profit growth of 13%, versus 3.2% for the next tier. The top 10’s average net margin was 41%, compared with 24% for firms ranked 26–50, even though the mid-tier carried broadly similar footprints and costs. For BD leaders, the figures suggest that access to premium mandates and the ability to defend pricing are separating firms more sharply than geographic scale alone. Client teams should therefore segment growth plans by matters where the firm has a demonstrable expertise or delivery advantage, because generalized cross-selling is unlikely to close a margin gap of this size.