Big 4 firm, Deloitte laid it bare – according to its latest Quarterly Legal Sector Survey, fee income at the UK’s top 100 firms fell for the third consecutive quarter in Q2.

Fee income across the top 100 firms fell by 5.7% in Q2, the quarter ended 31 October 2009, compared with the same period in 2008. Conditions were especially tough for the top 10 firms where fee income was down by 10.5%, the largest fall recorded since Deloitte’s survey began in 2007.

But there is some good news (arising primarily out of the misery inflicted upon ditched associates). Jeremy Black, associate partner in Deloitte’s Professional Practices Group, commented:

“The majority of law firms found the last quarter very tough. However, the more modest falls in chargeable hours per fee earner suggest that as a result of reductions in fee earner numbers, firms are more appropriately resourced for current activity levels which should bring benefits over the second half of the year.”