Consolidation also played a major role in the results. For instance, two-thirds of the growth attributed to associates and other non-partner lawyers is put down to the fact that there were more of these employees, as numbers have grown through merger. Jeremy Black of Deloittes, authors of the research, spoke of the way lawyers are viewing the outlook and said: 'They’re cautiously optimistic, they’re not dancing around.' Work related to deals is starting to pick up, according to Mr Black. Property is 'really strong' and litigation and private client advice are 'reasonably strong'.

Rising costs

Question marks hang over the near future, and law firm leaders are concerned about the prospect of increases in lawyer pay. Speaking of the view of law firm leaders, Mr Black added that, 'Many are increasingly concerned that rising costs could make it difficult for firms to increase their profitability this year.' Source: Financial Times