With clients expecting firms to deliver more for less, and the legal profession evolving in response, those who refuse to adapt will get left behind
Readers may well look at EY’s analysis of the 2012-13 LLP accounts of the UK’s top 50 law firms and ask whether the “good times” are returning. The research, which was conducted for Legal Week, records only modest growth in average revenue and profit of 1.4% and 2.5% respectively (see pages 14-19). However, with the UK’s economic outlook improving significantly in 2014, some will be expecting law firm financial performance to rebound accordingly.
