2020 Legal Benchmarking Report now available
Now in its eighth year, our latest Legal Benchmarking Report reveals that the sector is investing in its future skills needs, fee earning potential and the retaining of key talent.
- The majority of firms experienced growth in income
- There is a real profitability divide between the largest and some of the smallest firms
- Succession planning and skills retention are at the heart of increases in the number of fee-earning staff and partners
- Some smaller firms reverse a four-year increase in lock up levels
- New funding streams and favourable economic facilities are reducing the call on partners to contribute personal funding into their practices
Read the full Report
“Many legal practices have seen increased demand for services during 2019, even with the underlying economic uncertainty in the country. Long threatened reforms to legal services are still not in place, and so we are not seeing any significant changes to individual sectors“Karen Hain, head of the Professional Practices Group at MHA
This report draws insight from legal practices across the UK and focuses on some of the pertinent issues and trends in income, profitability, employment costs and lock up. You will be able to use this analysis to compare your own firm’s performance and identify areas where you could improve efficiencies, along with the key actions to apply.