The Top 50 published last week, shows UK accountants earning a total of Pounds 6.7bn, with lawyers trailing way behind on just over Pounds 5bn. Even further behind are architects who managed a turnover of just Pounds 1.7bn.
The top five law firms, known as the magic circle, earn between them Pounds 1.9bn, less than PricewaterhouseCoopers, the biggest accountancy firm with fee income of Pound 2.1bn. The biggest law firm, Clifford Chance takes in just Pounds 585m, a third of PwC’s total.
With multidisciplinary practices back on the agenda after this year’s OFT report the figures clearly indicate it would be far more lucrative for lawyers to seek alliances with accountancy firms.
But some sectors make accountancy look small. Construction reaps a huge Pounds 56bn on the latest figures while civil engineering consultancies bagged Pounds 12bn.
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Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
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