City firms are thriving despite fears over the impact of Brexit, but regional firms have fared less well, according to accountancy firm Crowe Clark Whitehill’s annual Law Firm Benchmarking survey.
Among City law firms, 92% experienced growth in the past year (an increase of 27% in the 2016 survey) compared to 80% of regional law firms. Profit per equity partner increased at 60% of firms overall, including 70% of City firms. Brexit, government policy and the regulatory environment topped the list of City firms’ concerns with 48% anticipating Brexit as a net threat. However, 48% of regional firms believe Brexit will have little impact on them, with many firms operating a ‘business-as-usual’ approach.
Louis Baker, head of professional practices, said ‘City firms are understandably worried about the continuing political and economic uncertainty, with a quarter viewing Brexit as the biggest challenge to their future success, and nearly half citing it as a ‘net threat’.
