Law Firm Recession Over
Time to crack out the champers? Not quite… but a PwC survey reveals that law firms are over the worst of the downturn having slashed headcount and with work volumes increasing. On the ground it may not actually feel like it but the survey is reported to show that firms throughout the top 100 saw a rise in profit margins according to the Gazette . The magazine revealed that PwC’s quarterly benchmarking survey showed an 18% rise in profits …
Time to crack out the champers? Not quite… but a PwC survey reveals that law firms are over the worst of the downturn having slashed headcount and with work volumes increasing. On the ground it may not actually feel like it but the survey is reported to show that firms throughout the top 100 saw a rise in profit margins according to the Gazette . The magazine revealed that PwC’s quarterly benchmarking survey showed an 18% rise in profits per equity partner since January at the 10 largest firms, a 41% surge at the top 11 to 25 firms and that profit margins also saw a boost in firms of all sizes.
Compared to figures that followed the release of firms’ 2008/09 annual results, which saw headcount remain steady, the survey now reveals a fall in the number of fee earners and support staff across firms of all sizes.
Things are getting better then. But no word on how this will affect trainee or lateral recruitment which looks set to remain tough for the time being.
Law firms ‘over the worst’ of recession, PwC report reveals [The Gazette]
September 28, 2009
That may be the case for some of the big firms but there are a lot of small practices that are still really struggling.
September 28, 2009
doesn’t feel over to me and the stimulus has not even been backed off yet
September 29, 2009
Rubbish. Another accountancy firm spreading propaganda in order to generate ‘advisory’ fees.
Once the ‘economic stimulus’ is removed. Back to the consultations and protection of the PEPs.
Oh well
September 29, 2009
Try telling that to the people at our firm who are currently going through collective consultation for redundancies.