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.