A few eye opening stats on the state of the legal market
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Transcript of A few eye opening stats on the state of the legal market
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
http://info.dpssoftware.co.uk/managed-it-solutions-for-law-firms
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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’