Legal Benchmarking Annual Report 2020
Now in its eighth year, the latest Legal Benchmarking Report reveals that the sector is investing in its future skills needs, fee earning potential and the retaining of key talent.
This report draws insight from legal practices across the UK and focuses on some of the pertinent issues and trends in income, profitability, employment costs and lock up. You will be able to use this analysis to compare your own firm’s performance and identify areas where you could improve efficiencies, along with the key actions to apply.
This year, Howden UK Group Limited has also provided technical advice on the PII critical issues when considering a merger or acquisition.
Some of the Legal Benchmarking Report highlights:
- The majority of firms experienced growth in income
- There is a real profitability divide between the largest and some of the smallest firms
- Succession planning and skills retention are at the heart of increases in the number of fee earning staff and partners
- Some smaller firms reverse a four-year increase in lock up levels
- New funding streams and favourable economic facilities are reducing the call on partners to contribute personal funding into their practices
We hope you will find the insights as set out in the findings of the report interesting and thought provoking. We would be delighted to meet with you for a further conversation around the ways in which we can help.