Latest articles
UK Immigration Rough Sleeper Rule
Aaron Gates-Lincoln, Immigration NewsThe UK government has recently introduced a controversial new set of rules that aim to make rough sleeping grounds for refusal or cancellation of a migrant’s...
Teaching Hospitals NHS Trust v DV (A Child) [2021] EWHC 1037 (Fam)
(Family Division, Cohen J, 19 April 2021)Medical Treatment – 17-year-old had form of bone cancer and required surgery For comprehensive, judicially approved coverage of every important...
Domestic Abuse Bill
Aaron Gates-Lincoln, Immigration NewsAfter years of development the Domestic Abuse Bill returned to the House of Lords in the UK on the 8th March 2021 to complete its report stage, one of the final...
Coercive control and children’s welfare in Re H-N and Others
When families come to strife, arrangements must be made for the future care of any children. In some circumstances, this means an application to the courts. These ‘private law orders’ can...
Profession: Expert Witness
The value of a family business or business interest is treated as an asset and therefore part of the matrimonial pot to be distributed when it comes to negotiating a financial settlement on divorce or...
View all articles
Authors

Law firms showing signs of growth, says Law Society report

Sep 29, 2018, 21:31 PM
Slug : LawSocietyReport-10052012-951
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : May 10, 2012, 05:45 AM
Article ID : 98771

Law SoceityNew research from the Law Society's Law Management Section (LMS) reveals that legal practices are continuing to show signs of growth.

The LMS annual Financial Benchmarking Survey shows that practice fee income increased by 1 per cent in 2011, as practices continue to climb out of the hit from the recession. In 2009, firms saw a 6.5 per cent drop in fee income.

The survey of LMS member firms also revealed that average net profit per equity partner increased from £112,549 to £114,853, a rise of 2 per cent.

Firms have cut the number of support staff per fee earner which decreased from 0.65 to 0.61, an indication that law firms may be introducing more efficient IT solutions.

Now in its 12th year, the survey, which is produced in association with Hazelwoods LLP, a medium-sized, niche accountancy practice specialising in advising the legal profession, is widely regarded as the annual financial health check, particularly for the smaller end of the legal profession.

Chris Marston, Head of Professional Practices at Lloyds TSB Commercial, believes 2012 will be a pivotal year for solicitors. "New entrants and external capital will undoubtedly bring change, but I firmly believe that this will expand the market for legal services and create opportunities for innovative, well-managed firms with strong leadership and effective financial management. Getting in shape now is therefore very important, and this year's survey shows admirable resilience on the part of solicitors. Fee income rose slightly in difficult economic conditions and I was pleased to see that median net profit increased by two per cent - modest, but nevertheless building on last year's improvement.

"I was also struck by the accuracy of last year's predictions - respondents suggested that income growth might be around one per cent and they were spot on. This year, they are forecasting three per cent growth, so hopefully there are better times ahead."

Categories :
  • News
Tags :
Authors
Provider :
Product Bucket :
Recommend These Products
Load more comments
Comment by from