Shrinking fee earner numbers and a decline in pound sterling rates has caused a year on year drop in fee income at the UK’s top 10 firms for Q1 2014-15, according to Deloitte’s legal sector survey.
The auditor’s research shows a mixed performance across the 100 firms in the three months leading to 31 July. Average fee income among the top 10 dipped by 2.7%, contrasting with an increase of 6.2% for firms ranked 11 to 25 and growth of 5.3% for those between 26 to 50. The remaining 50 recorded an increase of 11.2%.
