Firms optimistic

The Law Society’s annual report on firms’ profitability has revealed an upbeat profession with median practice fee income up 4.1%, median profit per partner up 3.6% to £121,731, and total lock up down slightly to 177 days. The 14th Financial Benchmarking Survey surveyed 165 firms. Chris Marston, head of professional practices at Lloyds Bank Commercial Banking, says: “We’re beginning to see some positive economic indicators that bode well for solicitors during 2014, but financial discipline remains paramount for success.”