Lawyers, accountants and management consultants 'explain almost a quarter of the shortfall' in productivity since 2008, says the newspaper which has conducted its own research. The FT goes on to say that the drop in growth of productivity is 'the most pressing problem' in the world's economy - and is deeper in Great Britain than in any of the other G7.
Labours of winning work
Looking particularly at professional services (which makes up seven of UK output), the paper says that its pre-2008 productivity annual growth rates of 3.8 per cent have fallen 'by less than one per cent a year'. Stephen Denyer of the Law Society gives one explanation as to why lawyers might be struggling to increase productivity. He said: 'You have to work harder to win each mandate, and a lot of time on compliance, the requirements not only of our regulator but also in relation to money laundering, sanctions, particularly for people doing international work.' Law firms are having to work harder to win work, he added, so there are fewer billable hours. Source: Financial Times
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