Legal Benchmarking Report 2019
Our Legal Benchmarking Report reveals a need for firms to focus on organic growth, improving the efficiency and billing processes as the sector faces the end of a three-year period of sustained growth.
Legal Benchmarking Report Highlights:
- Growth in start-ups and niche ‘boutique’ practices
- Fee income trends are a mixed bag – only two categories achieve a significant rise
- All practice sizes - except one - report a marked improvement in Profit per Equity Partner (PEP)
- Significant decrease in partner and practice funding
- Lock up levels remain static, although smaller partner firms struggle to gain control
- Firms under pressure to be more agile, increase investment in IT and offer flexible working patterns
We have acted for a wide range of clients in the legal sector for many years. Drawing from this insight across the UK, the report highlights some of the pertinent issues for those in the legal sector and focuses on trends in income, profitability, employment costs and lock up.
We would urge firms to consider the findings of the report in the context of their own practice. Our sector specialists and are able to assist legal clients with a wide range of services.
We would be delighted to meet with you or your team to explore ways we could add value. Please do not hesitate to contact Kate Arnott, Head of Professional Services, Partner directly, or send us an online enquiry.