The UK Top 50: Stratification Setting In?

The American Lawyer's "A-List" is out, and I'll have something to say about it in the next day or two.  (The A-List, I probably needn't remind you, ranks firms not by revenue, size, or profitability, but by a combination of (a) revenue per lawyer; (b) commitment to pro bono work; (c) associate satisfaction; and (d) diversity.)

Last year I gave it a hard time, primarily for what I perceived to be its opaque methodology, but I promise to be kinder this time around. 

Meanwhile the big news across the pond is today's release of Legal Week's "Top 50"—the top 50 UK firms by fee income.  Here's the chart, but here's the real news:

• The firms are finally coming out of their post-2001 swoon, with revenue up 8.2% and profits doing even better at +11.4%.
• Combined, the firms employ 70,000 people and have £8.3-billion (US$14.94-billion) in revenue.
• Total equity partner profits reached £2.23-billion (US$4.01-billion).
• To maintain or raise profits per partner, the firms are becoming increasingly selective about partnership promotions and have increased their leverage—with, now, about six fee earners for every partner.  Nice, but as my New Jersey born-and-raised physics professor used to remind us, "You can't play dat game fuh-evuh."

All in all, the Magic Circle did well, as did mid-tier and national UK firms; the only laggards were what Legal Week characterized as "chasing pack" firms—not in the Magic Circle but not mid-tier either.  And being in that awkward spot may be increasingly difficult to escape from, at least if you believe the always-thoughtful Tony Williams of the Jomati consultancy: 

"The changing stratification of the legal market is not yet fixed but, in two to three years, it will be," he said. "At that stage, firms that find themselves stuck in the wrong place will find it very hard to move."

A lesson for those of us on this side of the Atlantic?