Compiled annually by consultancy PwC, the Law Firms Survey provides a well-established snapshot of the legal sector.
Its findings this year, reported in the Law Gazette on 29th October 2012, include:
• The UK Legal sector had a tough year with the majority of law firms reporting flat income growth. 82% of the firms surveyed increased UK fee income in 2012 however much of the growth was due to acquisitions
• 73% of the top 100 firms see better penetration of existing markets as the best opportunity for growth in 2013, against 42% new geographic markets and 11% ABS status.
• Headcount remained stable for the top 10, however outside of this firms have tended to reduced the number of equity partners and fee earners
• As pricing pressures and the threat of new entrants combine, firms are closely examining how the operate and legal process outsourcing is expected to become increasingly important.