North West Law Firms Suffer Fall in Profits

Thu, 26 Nov 2009

North West law firms have suffered a dip in profits per partner during the past year according to a new survey by PricewaterhouseCoopers. The annual survey revealed a 33 per cent fall in profits per partner to £284,000 – a worrying revelation for the region’s legal firms when compared to figures elsewhere in the UK. The average decline across the UK’s top 100 firms was 30 per cent, while the top ten firms suffered a decline of just 21 per cent to £872,000.

The findings are perhaps unsurprising given that nearly all law firms in the North West have suffered at least a 10 per cent fall in profits this year. The majority of firms predict a reduction in staff headcounts in 2010, with solicitors and lawyers set to lose jobs as firms look to cut costs to maintain profit margins and ensure legal costs remain competitive. Some firms remain confident, however, and a mass cull in solicitor numbers is highly unlikely.

The survey did voice concerns for firms dealing with transaction and deals. Firms ranked 11 to 25 in the top 100 commonly deal in these areas, and have seen average profits per partner fall to £444,000.
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