The growth in long-term borrowing is in marked contrast with the immediate aftermath of the start of the global economic crisis, when firms turned to partners themselves by halting some profit payments being made to them. 

Difficult years

Peter Alderson, managing director of LDF, said: 'After some very difficult years during the recession, when lenders were very wary of their exposure to the legal profession, it’s encouraging to see law firms able to access the funding they need to invest and grow.' 

Overdrafts

While mainstream lending is up, short term finance to cover overdrafts is down by 23 per cent in the last three years to £1.8bn. Source: Financial Times