of firms saw an
increase in PEP
of firms have
Brexit cited as a threat by
56% of city firms and
40% of regional firms
Looking back over the past year, it is difficult to find an area of the legal market that has not seen change. In the face of changing regulation, as well as economic and political uncertainty, it is interesting to hear where law firms consider the largest challenges and opportunities lie.
City firms have experienced a more challenging year than in
2017, with 10% reporting a fall in revenue, compared to 8% last year, though
the proportion of firms achieving growth of more than 10% remained strong.
For those firms that saw an increase in turnover, 40% saw an
increase of more than 10%, which is a jump compared to one third seen last
year. Overall however, City firms have seen a slowing in the pace of growth.
Almost 30% of regional firms experienced a fall in revenue this year compared to 20% in 2017. However, of the firms that did experience growth this year, a slightly higher proportion compared to the previous year, saw an increase of more than 10%. Like their City counterparts, equity partners in regional firms fared reasonably well this year with 64% of firms reporting an increase in PEP, compared to 60% in 2017 and an average increase in PEP of 6%.
What lies ahead?
Our Professional Practices team