Deloitte research shows leading firms posted robust growth in second quarter
The UK's top 100 law firms saw a year-on-year increase in fee income of nearly 10% during the second quarter of the 2011-12 financial year, with new research showing a continued improvement in trading despite the economic uncertainty in the eurozone. Figures compiled by professional services firm Deloitte show fee income across the 100 largest UK law firms by revenue increased by 9.8% during the three months ending 31 October compared with the same period last year. The increase is more than double that seen in Q1 2011-12, when revenues grew by 4% compared with the same period last year.
December 07, 2011 at 07:03 PM
2 minute read
The UK's top 100 law firms saw a year-on-year increase in fee income of nearly 10% during the second quarter of the 2011-12 financial year, with new research showing a continued improvement in trading despite the economic uncertainty in the eurozone.
Figures compiled by professional services firm Deloitte show fee income across the 100 largest UK law firms by revenue increased by 9.8% during the three months ending 31 October compared with the same period last year. The increase is more than double that seen in Q1 2011-12, when revenues grew by 4% compared with the same period last year.
Firms in the 26-50 bracket by revenue saw the biggest improvement, reporting an average rise in turnover of 15.6%. The UK's 10 largest firms saw fee income rise by 9.8%.
In contrast, firms in the 11-25 and 51-100 categories saw below average turnover rises of 9.2% and 6.8% respectively.
Higher revenues were driven by increases in fee earner headcount and average fees per fee earner, which grew by 3.9% and 5.7% respectively across the group as a whole.
Deloitte professional practices partner Jeremy Black (pictured) commented: "There is a lot of nervousness about the year ahead. It is harder now than at almost any other time to predict what the final months of the financial year will have in store. Hopefully this growth will continue and the UK legal sector can move into the 2012-13 financial year on a strong financial platform."
Despite the crisis in the eurozone, firms responding to the survey were relatively upbeat about the year ahead, with the survey predicting an average increase in fee income of 6.2% for the full financial year. Across the group of respondents as a whole, 79% of fee income for the quarter was derived from the UK.
The findings are broadly in line with many of the firms announcing H1 revenues to date, with most achieving solid growth. Allen & Overy, Taylor Wessing, Olswang, Ashurst and pre-merger Clyde & Co are among the firms posting double-digit increases, while Norton Rose and Pinsent Masons saw fee income climb by 7% and 6% respectively.
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