2020 has proved to be a financial year of two halves for the UK’s Top 75 accountancy firms. And those two halves have been far from equal as the firms grappled with the unfolding pandemic – a health and economic crisis without precedent.

According to Accountancy Daily’s annual Top 75 survey, fee income grew at an average rate of nearly 5% up to the firm’s latest year-ends. However, for many of these firms, the year-end date was such that their figures did not reflect the full impact of lockdown conditions.

In total, the Top 75 firms recorded a combined fee income of £17.7bn, up from last year’s survey of £16.8bn, a 5.4% increase. Partner and staff levels also increased over this period – there are now 6,684 partners, up 16% on last year’s survey (a figure boosted by the inclusion of more than 600 Azets – formerly Baldwins/Cogital – partners), and nearly 120,000 staff (an 18% increase).

However,