A decade after the first Top 100 survey, the legal profession is in better shape than for years. Law firms are making more money than ever, turnover is up and firms are generally bullish about prospects. This applies to most firms but the Big Five in particular. This group is now in the 'super-league', far removed from the rest of the pack.
However, within this general success story, there still remains a number of firms which do not yet have a workable strategy to take them through the next decade.
More than half of those surveyed by The Lawyer said merger was at the top of their agenda, while one in three thought that the recent moves by the Big Six accountancy firms was likely to have the most impact on their practices. Indeed, this is the first year Arthur Andersen's law firm Garretts has made the Top 100 table. The accountancy threat is likely to cause anxiety among firms until they see the opportunities it presents them with.
While these issues are likely to play a part in any strategy, it is equally important for firms to look at where their strengths lie and develop a realistic vision of where they are going. Otherwise, it is all too easy to fall into the trap of thinking that because all is going well, it will continue to do so.