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Small & medium law firms doing well

13 November 2014
Issue: 7630 / Categories: Legal News
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Small and medium-sized (SME) law firms are prospering again with some exceptions, according to a survey by chartered accountants HW Fisher.

The survey found average turnover growth up 4% in the SME legal sector in London and the south-east. Those with a turnover of £20m-£35m fared best, with an average rise of more than 10%.

The property sector has recovered with a beneficial knock-on effect for firms, where it now accounts for more than a quarter of all work compared with only 14% of the total last year. This has been accompanied by a fall in litigation work from 36% to 26% of the total.

However, the survey also showed that many firms are facing increasing levels of debt.

Paul Beber, partner at HW Fisher, says: “Short-term lending to legal businesses is on the increase with a debt on the books of almost nine out of 10 firms. With the threat of interest rate rises looming, any firm that becomes dependent on such borrowings could find themselves in a downward spiral that is difficult to recover from.”

Issue: 7630 / Categories: Legal News
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Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

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Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
The Court of Protection has ruled in Macpherson v Sunderland City Council that capacity must be presumed unless clearly rebutted. In this week's NLJ, Sam Karim KC and Sophie Hurst of Kings Chambers dissect the judgment and set out practical guidance for advisers faced with issues relating to retrospective capacity and/or assessments without an examination
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
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