Cautious optimism among firms as 2015 begins

The crop of half-year results announced towards the end of 2014 were pretty positive. All those firms providing figures reported an increase of at least 3 per cent for the first six months of the current financial year, Osborne Clarke leading the way with a 17 per cent rise.

That positivity is reflected in the results of research released today (see story here), in which 43 per cent of respondents to a survey of UK law firms said they expected a turnover increase of between 10 and 20 per cent this year. Another 40 per cent expect turnover to go up by less than 10 per cent – but just 10 per cent of respondents are predicting no rise in turnover.

Nevertheless, the market is still challenging and evidently the continued pressure on fees is causing headaches for many. More than half of firms said increasing profitability was their biggest challenge for 2015.

The research reflects the cautious optimism voiced by many on the back of a pick-up in corporate activity and the continued improvement in the economy. But with the UK general elections fast approaching, this year could still hold many challenges for law firms and their clients.

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