07 June 2013

Growth declines in top 10 UK firms

Law firms are seeing little growth in turnover and less in profits.

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The top ten UK law firm are suffering more than others in a declining market, according to the latest quarterly figures released. 
Whilst the average turnover growth was 2.4 per cent, the top 10 saw revenues rise by only 1.5 per cent. This compares to 4 per cent in the 11-25 category and 2 per cent in the 26-50 category, reports Legal Week. Last year saw comparable growth at 6.6 per cent. 

Headcount increase

Increases in fee-earner headcount accounted for much of the revenue growth rather than in chargeable hours or pricing.  Wragges senior partner Quentin Poole told the magazine that the story on profits was more divergent ‘with the occasional disaster story. The fact that a large number of firms haven’t given out figures at this point is revealing.’ The research by consultancy firm Deloitte reveals the slowest quarterly growth since October 2010.

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