UK top 50 firms expected to report flat revenues and profits

The top 50 firms in the UK are predicted to report flat revenues and profits in the 2010/11 financial year, according to Jomati consultant Tony Williams and independent consultant Nick Jarrett-Kerr. Jarrett-Kerr said that ‘better-managed’ firms – which cut underperforming partners in 2009 and 2010 – will now look to cut moderate performers from their ranks. Both Willims and Jarrett-Kerr agreed that there was no real sign of recovery in the last financial year, but that a sustained recovery might begin after the summer. Williams said: 'Firms may have more work, but there is a lot of pressure on pricing. And the big corporates’ balance sheets may look pretty good, but they’re spending it on buying back shares rather than doing new deals.’

UK top 50 firms expected to report flat revenues and profits lawgazette.co.uk Thu, Apr 14, 2011