Profession
Law firms are leading the way in trying to lessen the impact of the credit crunch and the recession on their businesses, a new poll shows.
Bridging Finance Limited, which contacted over 3,000 businesses in the north west, says the legal sector has been the most proactive in protecting themselves during the economic downturn.
Nearly 60% of the legal firms polled said they had shed staff in the midterm quarter, prior to the November 2008 survey. The results also showed that legal firms are the most likely to review their credit control procedures. However, over 80% of the legal fi rms taking part reported that their plans for funding staff development had not altered.
Meanwhile, law firms facing imminent tax deadlines have been thrown a lifeline. HM Revenue & Customs (HMRC) has agreed arrangements, proposed by the Law Society, for law firms to defer paying tax during the economic downturn. The arrangements will be managed through HMRC’s Business Support Service, and cover most tax and excise duties including income tax, corporation tax, VAT, PAYE and national insurance.
