| Top 100 law firms see record growth |
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| Friday, 07 December 2007 | |
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The UK’s Top 100 law firms have recorded fee income growth of over 12 per cent for the three months ended 31 October 2007.
The latest figures from business advisory firm Deloitte show that the sector continues to perform well despite concerns about a slowing down of activity. Amongst the top 25 firms, fee income growth for the quarter was especially strong, at over 17 per cent. Deloitte’s Quarterly Legal Sector Survey (QLSS) found that fee income growth dipped slightly in the second quarter of 2007 compared with the first quarter. In the first three months of the year, fee income across the Top 100 grew at over 15 per cent. This has dipped to 12.5 per cent in the second quarter. Jeremy Black, associate partner in Deloitte’s Professional Practices group said, “This is an excellent performance in what has been an uncertain market. Firms have built on a strong first three months to deliver fee income growth of 13.6 per cent for the half year.” He added that the test for the sector will be the next six months. Given the nature of the services provided, however, and the financial dynamics of law firms, Black thought that the full year performance was likely to be impressive. “Despite the recent turmoil in the international capital markets, UK law firms remain confident that they will deliver double digit growth over the next six months,” he concluded. Related links |
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