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News
Mid-sized law firms experienced strong growth in 2016, but crime solicitors are struggling
updated on 21 July 2017
The Law Society’s financial benchmarking survey for 2016 recorded income rises and strong profit margins for mid-sized UK law firms, in what is encouraging news for the sector.
The report shows that firms experienced a median increase in income of almost 6%, with revenues rising across most areas of law. One notable exception was criminal law, where legal aid cuts have seen solicitors’ income fall for the fourth successive year.
Robert Bourns, the president of the Law Society, said: "This survey is a great annual health check for mid-sized practices. The report indicates that, overall, participating firms are achieving a 10% net profit margin. The legal sector is an active and vibrant contributor to the UK economy. In 2015 it contributed £25.7 billion to the UK economy, £3.6 billion in net exports, with overall growth of 8%. Our ‘Future of legal services’ report identifies the key drivers for change in the sector, together with the opportunities and potential challenges. Having good management helps firms financially, which will be important for them to remain sustainable in the face of increased competition."
