Legal Sector Survey Results: Fees and Profitability

In May 2020 and December 2020, the MHA Professional Practices team ran two separate surveys looking at the impact of COVID-19 on the legal sector and how it has influenced future plans. 

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.  

The results report on the following areas: 

  • 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.
  • Business strategy including key changes and what firms are prioritising in 2021.

We will release these individually over the next four weeks. 

You can use this information to benchmark your practice against others nationally, as well as looking at the next steps you should be taking. 

Fees and Profitability

What has been the impact of COVID-19 on fee income?

Our last survey asked Firms to estimate what impact Covid-19 was having on fees billed. Now that we are 9 months post the original lockdown, Firms have reversed a “major” impact expectation to an actual “minor” impact on fee income.

View the full results

Find out more

If you would like to discuss the results in more detail, please contact a member of our Solicitors team on 01903 234094.

A version of this blog appeared on the MHA website.