According to Sweet & Maxwell, business sentiment amongst the UK’s law firms is picking up. A BDO survey of professional services firms out says that only 15 per cent of law firms are seeing turnover drops of over 10 per cent, with the majority expecting flat revenues.

Which might not sound great but it’s better than the implosion of the last two years. Observers predict stabilisation may trigger consolidation as firms aim to take advantage of the upswing (or smaller firms try to stay in the game) – 10 per cent of finance directors said merging with another legal entity is likely this year. Small firms are expected to go first with larger players following in 2011-12.

In the meantime, major poaching is expected as firms seek to improve profitability by bulking up in the most active areas.

So for busy teams, the upturn could present great opportunities for a change of scene and a payrise.