The income of equity partners at law firms increased by 42% in the five tax years to 2022/23, more than twice as fast as barristers and that of the rest of the UK workforce, new figures show.

According to HM Revenue & Customs, self-employed solicitors in 2022/23 – numbering around 30,000 – made an average profit of £307,000 after capital allowances and losses.

In 2018/19, average profit was £216,000. Over the same period, average UK salaries grew by just 18% to £30,000, below inflation of 21% in that period.

The figures were obtained by Bowmore Wealth Group through Freedom of Information Act requests. They actually go back to 2016-17, when average profits were £195,000.

Self-employed barristers have not fared as well, however. An average profit of £150,000 in 2018/19 reached £188,000 i

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