Firms report strong performance for first quarter of 2017/18
Several top 100 firms have reported strong performance for the first quarter of 2017/18, in spite of Brexit-related market conditions.
According to a quarterly legal sector survey by Deloitte, UK top 100 firms increased fee income by 8.5%. Top firms posted a 7% average increase in fees per fee earner, while chargeable hours per fee earner grew by an average of 3% at the top ten firms.
Fee growth was highest for firms in the 11-25 bracket, which reported increases of 10.5%. Meanwhile, firms in the 26-50 and 51-100 brackets increased fee income by 7.8%.
Deloitte partner Jeremy Black said the quarter was stronger than anticipated, with growth across several practice areas.
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