A Few Eye-Opening Stats

on the state of

the legal sector

The state of the legal market at present

CHAPTER 1: The State of the Legal Market

Good news for mid-sized firms

They are not only

performing better but

they are also out-

performing their larger

counterparts, MHA’s

report shows.

Good news for mid-sized firms

They have not only experienced a growth in revenue but also an

improvement in their Profits per Equity Partner. The same indicator

dropped by 2% for large firms.

Firms are not out of the danger zone yet..

‘’However, firms need to keep tight

control of costs to ensure that fee

income converts into profits and

cash flow remains healthy.’’

Karen Hain

Head of professional

practices group at

MHA

…and some have managed to follow Hain’s advice

Small law firms are struggling…

If mid sized firms are

experiencing growth,

the situation doesn’t

look as bright for

small firms.

Small law firms are struggling…

Karen Hain

Head of professional

practices group at

MHA

“The Jackson Review’s impact on

personal injury lawyers coupled with

the shrinking of the Legal aid funds

has impacted on many practices.’’

CHAPTER 2: The Role of Technology In The Grand Scheme Of Things

Technological developments

Technological developments

…in 2014

Technology helps law firms

cut costs

…because the costs of technology itself

have gone down

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Sources:

Raconteur’s 2014 Legal Efficiency Report

The MHA Professional Practices Benchmarking Report

2014,

Vodafone’s ‘’New IT Crowd’’ Report

Addleshaw Goddard’s ‘Law Rethought’