Last week, I stepped down as managing partner of CMS Cameron McKenna. During my eight years, we have seen the dotcom boom and bust, the longest period of growth for UK-based law firms in any of our memories and now the credit crunch. This is impacting on the economy as a whole, and certainly on City law firms. The recent announcements of salary levels for next year are evidence of this.
Lawyers rarely win popularity contests. For many clients, buying legal advice is close to a distress purchase. I confidently predict that, over the next few weeks, we will read articles in newspapers about the escalating profits of law firms. It is that time of year.
