UK law firms gloomy about difficult year ahead

The UK's top law firms are steeling themselves for a difficult year ahead with confidence among senior managers falling for the first time in six years, according to a survey. The news will add to fears that the legal market may have peaked. Just over half of managing partners surveyed by Smith & Williamson, the professional services adviser, said that they were concerned about the impact a worsening global economy will have on their business. Last year, only 17 per cent expressed the same fear. The survey also said that profits, which have surged to record levels over the past decade, are likely to suffer this year as they come under increasing pressure from flattening revenues and increasing costs from salaries and other expenses.

UK law firms gloomy about difficult year ahead business.timesonline.co.uk Thu, Jan 31, 2008