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How mid-size legal firms have performed in the previous year, and what issues are on the horizon.
Last updated: 21 Jul 2020 2 min read
This year’s report, the sixth annual survey of mid-size firms in the legal sector, consolidates the financial performance of 190 legal firms that collectively employ 11,100 people. The report looks at both the aggregate financials of firms in the financial year ending in 2017, as well as discussing some of the macro-sized themes that will inform strategy in the coming year.
Highlights include the growth in average fees per equity partner, but there were also falls in both the fees per fee earner and profits per equity partner. In a time when the near-term outlook for UK businesses is challenging, the legal sector continues to perform robustly and remains a significant and highly profitable contributor to the overall economy.
From a UK economic and political perspective, Brexit has dominated the sector’s thoughts throughout the year. Despite concern over the lack of business clarity, the UK’s withdrawal from the EU has created a new work stream for certain law firms, offsetting some of the potential headwinds that legal firms face.
The report was authored by Robert Mowbray , a chartered accountant, trainer and consultant who has worked in and for professional firms for over 30 years. He co-owns Taylor Mowbray LLP, a niche business that focuses exclusively on law firms, whose clients range from the global elite, through major regional firms and to many small firms and sole practitioners.
For the full report, click the link below.
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