2019 Legal Benchmarking Report

2019 Legal Benchmarking Report

Thursday, 06 June 2019

Our 2019 Legal Benchmarking Report is now available. Read it now for a national insight into the trends in the legal sector.

The Report reveals a need for firms to focus on organic growth, improving the efficiency and billing processes as the sector faces the end of a three-year period of sustained growth.

Highlights of the Legal Benchmarking Report

  • Growth in start-ups and niche ‘boutique’ practices
  • Fee income trends are a mixed bag – only two categories achieve a significant rise
  • All legal practice sizes – except one – report a marked improvement in Profit per Equity Partner (PEP)
  • Significant decrease in partner and legal practice funding
  • Lock-up levels remain static, although smaller partner legal firms struggle to gain control
  • Legal firms under pressure to be more agile, increase investment in IT and offer flexible working patterns

We have acted for a wide range of clients in the legal sector for many years. Drawing from this insight across the UK, the report highlights some of the pertinent issues for those in the legal sector and focuses on trends in income, profitability, employment costs and lock-up. We would urge legal firms to consider the findings of the report in the context of their own practice.

We’d be delighted to meet with you or your team to explore ways we could add value. Please get in touch with me or your usual contact if you’d like to discuss anything. Call 0330 024 0888 or email enquiry@larking-gowen.co.uk

Jon Woolston

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