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.
Law firm survey 2020
Now in its twenty-sixth year, our 2020 law firm survey, developed in association with The Lawyer, reveals many law firms were ill-prepared for the seismic shock from the coronavirus outbreak. The crisis has cast an uncomfortable light on firms with poor financial management or without the necessary technology infrastructure. The pandemic already appears to be widening the gap between law firms, with some now under real pressure.
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.
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-sixth year, our 2020 law firm survey, developed in association with The Lawyer, reveals many law firms were ill-prepared for the seismic shock from the coronavirus outbreak. The survey was carried out across May and June 2020 and completed by 198 managing partners and senior management personnel across the UK.
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
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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.
Law firm survey 2020
Now in its twenty-sixth year, our 2020 law firm survey, developed in association with The Lawyer, reveals many law firms were ill-prepared for the seismic shock from the coronavirus outbreak. The crisis has cast an uncomfortable light on firms with poor financial management or without the necessary technology infrastructure. The pandemic already appears to be widening the gap between law firms, with some now under real pressure. The survey was carried out across May and June 2020 and completed by 198 managing partners and senior management personnel across the UK.
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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