Optimism about the year ahead high among small and medium–sized law firms
ptimism about the year ahead high among small and medium–sized law firms
The majority of legal SMEs believe they will see an increase in business next year, according to YouGov research commissioned by the Co-operative Bank. Decision-makers from 512 firms with less than 250 employees were questioned in December about their expectations for 2013.
A third of firms expect to take on new staff, while 21 per cent intend to invest in their business, for example, by improving premises or buying new equipment.
One quarter said the current economic climate was not their main concern.
Keith Alderson, managing director of corporate and business banking at the Bank, said: “As the curtain closes on another tough year it seems many legal SMEs are now looking forward with a cautious sense of optimism about the challenges for their businesses next year.
“We see this entrepreneurial spirit day-in, day-out in our dealings with customers and I’m not surprised that SMEs are adapting and exploring new markets to overcome the economic challenges.”
However, three-quarters said uncertainty in the economy was a major challenge. Red tape and regulation were regarded as the next main issue, cited by 38 per cent, followed by cashflow (33 per cent).
Only 17 per cent expected business to fall this year, although 21 per cent had suffered a decline in 2012.
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