Legal
Regional firms improve profits
Regional law firms have fared better than expected in the past 12 months, according to national audit, tax, advisory and risk firm Crowe. Crowe’s Law Firm Benchmarking
Survey 2018 reveals that 71 per cent of regional firms demonstrated revenue growth, with many enjoying improved profits. Ross Prince
(pictured), partner in Crowe’s Midlands office, said: “For many regional law firms, it has been an encouraging year, albeit it has been harder to sustain growth. Regional firms have sought to future-proof their businesses and there seems to be an appetite to explore new technologies. “Also of great interest is the pricing
challenge with 84 per cent of firms changing the way they price work, and 13 per cent reporting a significant change in approach. We see this trend continuing into the immediate future as a key ingredient to a firm’s competitiveness and profitability.”
Across the UK, many firms
continued to successfully convert turnover growth into profit, with profit per equity partner (PEP) increasing for almost two thirds of participating firms – an increase from 60 per cent in 2017. However, 2018 has been a challenging year for the legal market. This was reflected
with almost 30 per cent of regional firms and 10 per cent of London firms
experiencing a fall in revenue – compared to 20 per cent and 8 per cent last year,
respectively – and a slowing in
the overall pace of growth. With fierce competition for the
best talent, staffing has played a pivotal role in most firms’ plans for 2018. Almost 70 per cent of firms increased their headcount this year with the industry citing a competitive remuneration package, career progression and strong brand reputation as the top three factors to attract and retain talent.
New kids on the block: The seven Shakespeare trainees New trainees welcomed
Law firm Shakespeare Martineau has welcomed three trainees into its office in Birmingham, as part of its latest intake around the country. The Birmingham trainees are: Victoria Kirkpatrick, in the dispute
resolution team, Adam Watson in the construction litigation team and Gweni Rees-Evans in the corporate team. Elsewhere, Sam Naunton and Dominic Simon both join the
Nottingham office, in the dispute resolution and professional negligence and corporate teams. Sam will also be spending time in the Leicester office, alongside Oscar Ciaurro, who is joining the real estate team. Lastly, Georgia Keogh joins the London office’s real estate team. The new recruits will be working within their teams and across a
variety of specialisations to hone their skills and gain practical experience in an energetic legal environment.
Sector Focus
December 2018/January 2019 CHAMBERLINK 67
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