Fee income slows in UK top 100 law firms
Deloitte has released its Quarterly Legal Sector Survey, which shows a fee income slowing down among the UK’s top 100 law firms.comments powered by Disqus
Fee income growth in the third quarter was 3.4% for the top 100, while firms in the top 10 saw marginal growth at 1%. These figures represent the slowest rate of growth for seven quarters, and the fourth consecutive in which growth has slowed.
Clare Boardman, head of Deloitte’s professional services practice in Yorkshire and the North East said: “We continue to see suppressed growth rates in the legal market. Whilst the mid-tier firms appear to be enjoying slightly stronger growth, this is predominantly due to increased merger and acquisition activity.
“Consolidation has long been expected in a sector where supply continues to outstrip demand. A tough, competitive domestic market is forcing a change in the profile of mid-tier firms. Consolidation is one way to expand the client base and also deepen specialist knowledge – whether that is in an industry focus or a practice area.”