18 May 2018
Three years of sustained growth in profits and income at law firms have now come to an end, according to accountancy firm MHA’s latest annual Legal Benchmarking Report. It reports that, in 2017, law firms of all sizes from sole trader practices to firms with more than 25 partners saw their income fall. Mid-tier firms—those with 11 to 25 partners—saw the largest reduction, with a drop of 11% from 2016. Karen Hain, MHA’s head of professional practices, said: ‘Our research paints a challenging picture for many firms. Efficiency needs to be a key theme for 2018 and beyond.’
