Total UK legal revenues fell 16.8% to just shy of £4bn in May—the lowest monthly billings in a year
May’s revenues stood at £3.96bn compared to £4.76bn in April and only 4.5% up on May last year, according to Official National Statistics (ONS) figures released last week. For context, revenue in the services sector overall (including legal) rose 1.36% to £237bn in May while the economy as a whole shrank 0.1% in terms of GDP.
Julie Norris, partner, Kingsley Napley, said: 'Law firm leaders will be keenly watching next month’s data to see if we are in a technical recession. That is not necessarily bad for lawyers given some work is countercyclical but expect investment levels, lower salary rises and cost controls to be on the agenda if the current economic outlook persists.’
