Profits drop 11% at Scottish firms

An annual survey conducted by the Law Society of Scotland has reported that average profits per equity partner dropped 11 per cent from £72,000 in 2009 to £64,000 last year. Sole practitioners and firms with between five and nine partners were worst affected. Lorna Jack, chief executive of the Law Society, said the report predicted continuing difficulties for the legal sector this year as public sector cuts make an impact. She said: "I don't expect to see a flood of new business entrants, but solicitors do need to be thinking very seriously about how they shape their business as we move into 2011.”

Profits drop 11% at Scottish firms bbc.co.uk Wed, Feb 2, 2011