Law Firm Survey 2021
This time last year, law firms faced an uncertain future. Forced to take drastic action to shore up cash flow, confidence took a knock and many legal firm leaders were unsure about the sector that would emerge from the crisis. Our law firm survey for 2021 shows that many firms have weathered the storm better than expected and are looking to the future with confidence.
Top 50 UK law firms: accounts analysis
The pandemic presented law firms with their greatest challenge in a generation. For the most part, our analysis, compiled with Law.Com International, of the latest set of filed accounts for the top 50 UK law firms for 2019-20 suggests that despite the pandemic arriving only just prior to their year ends, they were impacted.
Professional Practices Leaders
Professional practices are contending with an increasingly competitive marketplace for both talent and clients. Leaders must also look at the role for technology and how to create efficiency and productivity. In our Professional Practice Leaders section, we talk to your peers about how they have handled these and other challenges and the steps they're taking to build the practices of the future.
Professional Practices webinar series 2021
The taxation and pensions landscape continues to be complicated. To help you navigate through these complexities, we are hosting a series of webinars for partners working in professional practices. Each webinar will concentrate on a particular career milestone and offer solutions and practical advice.
Legal Professionals
We seek not just to solve, but to anticipate the challenges faced by the legal industry. Our insight programme shines a light on the most pressing issues, while working collaboratively to find thoughtful solutions for clients.
Now in its twenty-seventh year, our 2021 law firm survey, developed in association with The Lawyer, shows many law firms have managed to not just survive, but thrive during the recent crisis. The majority of firms are emerging from the crisis confident about the outlook and in a better financial position. However, many also recognise the importance of change, to maintain their competitive advantage, to attract talent and to build the right culture.
Together with Law.com International, we analysed the latest set of filed accounts for the top 50 UK law firms to explore the financial health of the profession.
Recognised as a leading adviser to the legal market, we offer a co-ordinated, cross-discipline approach. Our services cross accounting, tax, business, investment management and financial planning, each tailored to the needs of you and your firm. We have capabilities in over 115 countries, provided in part through our membership of Nexia International and Oaklins International. We strive to help our clients achieve their financial ambitions, no matter where in the world.
Accounting and assurance: Providing accounting advice and comfort on financial reporting in a highly regulated environment
Tax compliance and advice: Preparing and submitting your firm’s and partners’ annual tax returns, along with advising on the tax impact of various transactions and structures.
Employee benefits: Ensuring you can attract and retain the best talent.
Partners’ finances: A full range of financial planning and investment advice to provide enhanced financial security.
Profit sharing: Advising on profit sharing strategies to drive desired behaviours.
Incorporation: Assisting with the incorporation of a partnership as a company or LLP.
Partnership disputes: Acting as expert witness and mediating on disputes
Investigations into rogue partner activities: Assessment of scale of inappropriate behaviours and prevention measures
Data identification post cyber-attacks: Investigation into impact of hacking activity
Administration of insolvent professional practices: Formal appointments and solutions for firms in financial distress
Get in touch
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Law firm survey 2021
Now in its twenty-seventh year, our 2021 law firm survey, developed in association with The Lawyer, shows many law firms have managed to not just survive, but thrive during the recent crisis. The majority of firms are emerging from the crisis confident about the outlook and in a better financial position. However, many also recognise the importance of change, to maintain their competitive advantage, to attract talent and to build the right culture.
Law firms: facing the pandemic head on
The pandemic presented law firms with their greatest challenge in a generation. For the most part, our analysis, compiled with Law.Com International, of the latest set of filed accounts for the top 50 UK law firms for 2019-20 suggests that despite the pandemic arriving only just prior to their year ends, they were impacted.
In the first few precarious months, law firms acted quickly to preserve cash, improving their debtor days, negotiating with banks and cutting partner distributions.
However, with revenues of £19.5bn should the sector have been better prepared and less reliant upon government support to avert an even deeper challenge. There are undoubtedly lessons the sector can draw from the crisis.
Professional Practices Leaders
Professional practices are contending with an increasingly competitive marketplace for both talent and clients. Leaders must also look at the role for technology and how to create efficiency and productivity.
In our Professional Practice Leaders section, we talk to your peers about how they have handled these and other challenges and the steps they're taking to build the practices of the future.
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