Legal businesses are showing resilience in the economic downturn, according to research from accountants and business advisers BDO LLP.
Legal businesses are showing resilience in the economic downturn, according to research from accountants and business advisers BDO LLP.
A survey among 120 professional services firms showed only 15% of legal businesses seeing a drop in revenues of greater than 10% and on average law firms are predicting a drop in revenues this year of just 2%.
Almost 75% of legal firms plan to make no redundancies and just over 25% plan to lay off up to 5% of their staff. However, more than three quarters are feeling confident about the year ahead.
Nick Carter-Pegg, head of professional services at BDO LLP, says: “There is a huge amount of change coming in the legal sector with the full implementation of the Legal Services Act in October 2011, but at least firms are now facing the future with confidence.”
