2018 was a year of solid real-terms growth for firms polled in our Financial Benchmarking Survey 2019, which showed a median rise in income of 4.2% for participating firms.
Law Society president Christina Blacklaws commented: “The financial performance of respondents has remained strong and even improved in key areas, with a median rise in income of 4.2%.
“Median fee income per equity partner has increased by 6% over the past year, and the ratio of fee earners to partners remained steady.”
Confidence has fallen a little this year, with a median growth prediction for 2018/19 of 3.2%. However, with Brexit on the horizon a degree of uncertainty lingers about the short-term future.
Other key challenges and opportunities for practices coming up include taking advantage of the ability to earn greater interest income, compliance with the new Solicitors Regulation Authority Accounts Rules, considering whether incorporation might be suitable for your practice, and cybercrime.