Another handy indicator has emerged for anxious law firm leaders trying to predict the impact of the crunch on the legal community, this time in the shape of Deloitte’s quarterly results. The numbers, covering the first financial quarter of 2008-09, confirm that there has been a notable slowdown in growth at major UK law firms since the spring.
Annual revenue growth in the quarter to 31 July was 6.3% among the top 100 law firms surveyed. This is a notable slowdown on the 12-month growth rates seen in the previous quarters: 12% in Q4, 10.6% in Q3, 12.5% in Q2 and 15.1% in the boom time of Q1 2007 (anyone remember then?).
