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News
Firms benefitting from growth despite economic challenges
updated on 24 January 2013
Fee income among law firms has undergone steady growth despite the austere economic climate, according to research by the Law Society’s Law Management Section (LMS).
Firms' median practice fee income rose by 3.6% in 2012 - an improvement on the 2011 increase of 1%. The LMS also reports growth of 3.6% in firms' net median net profit per equity partner.
Lucy Scott-Moncrieff, the president of the Law Society, said: "The LMS helps firms to share good practice and advice, playing a key role in helping law firms steer their way through challenging economic conditions. There's no one-size-fits-all approach that will help firms emerge from the recession or adapt to tough market conditions facing the sector, but for many law firms, a robust management system underpins their success. The LMS survey provides an invaluable insight into management structures."
