Law firms braced for third year of stagnant financials

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  • Because of the huge redundancies across the middle tier firms I would expect that many lawyers will be happy that their bumper pay packets will be back.
    At the top the flat revenues won't stay forever, although some belt tightening could be called for.

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  • It is hardly surprising that profit is stagnant. The remorseless increase in lawyer numbers cannot continue to ignore the law of supply and demand forever. PEP figures are fast becoming a misleading indicator in firms where the 'HR' leverage model is being manipulated in favour of fewer owners. The smart way to measure profit is £s per lawyer. The current business model may have to adapt. Mayson, Susskind and others are well worth a read and are not all doom and gloom. Many of us consider their conclusions insightful.

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  • It's how you spin your figures.

    Take one big firm, claiming to be back making money whilst in reality it's hovering very close to being wound up by its bank.

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