Big firm fee income growth slows
4 Dec 08
Average 5.8% growth for top 100 in quarter to end October
The top 100 UK law firms averaged 5.8% fee income growth in the three months to the end of October compared with the same period last year, according to figures from business advisers Deloittes.
The growth is the lowest recorded by the quarterly survey, and even then was boosted by international earnings of the largest firms, who averaged 11.1% growth partly due to the weakness of sterling against the euro and US dollar.
Volume of work showed a small drop as a rise in number of fee earners was slightly exceeded by a decline in average chargeable hours per fee earner.
Jeremy Black of Deloittes said there was a growing disparity in performance, with some firms continuing to perform but others suffering a significant hit in revenue growth.
About eight Scottish legal firms make the UK top 100.