In 'Law Firm Strategies for the 21st Century', published this month by Globe Law & Business, he argues that they 'may settle at around 8% - 15%'. He believes that, as law firms become more dependent on outside capital, they will also adopt the profit margins 'found in other areas of business', at the 8 to 15% mark.
Pensions
Numbers of firms will 'almost certainly not' increase, as 'thousands will disappear'. Mr Balls believes that the economic downturn was just one driver of change. Also important were price resistance from clients, underfunded pensions in some firms and deregulation. Source: LawFuel.
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