Overview

• HMRC figures obtained via Freedom of Information requests show average equity partner profits rose to £307,000 in 2022/23 from £216,000 in 2018/19.
• Average UK salaries increased 18% to £30,000 over the same period, a pace below inflation and far behind partner profit growth.
• Self‑employed barristers recorded a slower rise, with average profits up about 20% to £180,000 after a peak of £188,000 in 2021/22.
• Bowmore cites higher hourly rates, strong demand across key practices, cost controls during the pandemic, and other factors such as client-account interest boosting profits.
• A widening split persists, with elite City and some US firms far above the average and regional mid‑tier firms turning to private equity, exemplified by Trethowans’ sale to Lawfront.