London firms show signs of recovery
London law firms are showing signs of recovery after tough times according to the annual Law Society profitability survey, which is widely regarded as the annual health check report for the smaller end of the legal profession.
The survey of 200 firms shows an average increase in practice fee income of two per cent in 2010, compared to a 6.5 per cent drop the previous year. Profits per partner are up 18.6 per cent from £89,621 to £106,297.
Law Society president Linda Lee gave a sober analysis, saying: “Although there are signs of recovery, process is slow and firms will be looking at how they can continue to grow as we emerge from the recession.”
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