Legal Sector Survey Results: Business Strategy
We have analysed and compared the results of the two surveys and developed four easy-to-read infographics which go into detail about the key statistics and what it means for the sector.
We’ve been releasing these individually over the course of the last few weeks. The previous results can be found below:
- Fees and Profitability including the impact on fee income, best and worst billing service lines and the change in profit levels.
- Staffing including recruitment, redundancies, and office vs remote working.
- Cash flow including lock up, work in progress (WIP) and debtors.
- 58% of survey respondents have changed some aspect of their business strategy since Summer 2020.
- 25% of change “focused on core areas or locations” with smaller office
- space being taken, and some office locations closing.
- 21% of Firms “changed working practices to include remote working”. Following the March 2020 lockdown, decisions had to be taken on how to continue working effectively.
- 17% of Firms made “survival” the key strategy noting “a cautious approach”, “slowing down until the future is more secure”, with “major infrastructure projects on hold”.
- 13% of Firms have “focused on credit control and billing” with some reporting “tighter financial forecasting”, “reduced partner drawings”, “looking at profitability of different work types”.
You can use this information to benchmark your practice against others nationally, as well as looking at the next steps you should be taking.
Find out more
A version of this blog appeared on the MHA website.