UK law firms lower expectations for 2013

March 14, 2013 UK law firms are revising downwards on this year’s revenue forecasts, after the strong start to 2012 was followed by less impressive numbers in the following months.

Business advisory Deloitte reports that the top 100 UK law firms by revenue expected a 5.7 per cent fee increase in 2013, but that the projections have been revised to 3.3 per cent.

“Law firms are right to be cautious as the domestic market remains fiercely competitive whilst pressure on rates persists,” said Jeremy Black, partner at Deloitte’s professional services practice.

“Unfortunately, this has led to the sector forecasting annual income fee rises that are barely above inflation. With challenging economic conditions expected to continue, it has been necessary for firms to reconsider what margins can be achieved.”

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