Half of Midlands law firms are confident about their prospects for revenue growth, according to the latest annual survey of the Top 100 law firms by PwC.
In the coming year, 50 per cent of law firms in the Midlands said they expected the number of full fee equity partners to increase and the majority also expect the firm’s overall cash position to improve by 2015.
Half of Midlands firms also believe that their firm is likely to merge with another by 2015.
In terms of their performance over the past year, 60 per cent of Midlands law firms reported an increase in fee income and 40 per cent reported an increase in profits of between 1–10 per cent.
Midlands firms also reported average billings of £101 - £105,000 per fee earner (or £0.75 - £1 million per full fee equity partner). Nationally, the report indicates that firms in the top 100 reported a significant increase in profitability (based on similar measures), whereas those outside of the top 100 were more likely to report a decline in profitability.
Mark Smith, regional chairman at PwC in the Midlands, said: “2012 has been a strong year for the region’s legal sector, particularly for the larger, mid-tier firms. Going forward it will be important for firms to maintain a clear strategic focus and continue to deliver a quality client service.”