The UK’s 50 largest law firms by revenue increased bank loans and overdrafts by an average of 27.2% in 2012-13, indicating that some mid-tier outfits are taking on debt to support growth. 

Client debtors and debtor days – respectively the amount owed to firms and the average amount of time clients take to pay firms – also increased during the period, according to an analysis of limited liability partnership (LLP) accounts filed with Companies House and carried out for Legal Week by EY.