As law firms look to the longer term, they realise there are many demands on finance, including technology and innovation, employee recruitment and retention, and a workplace fit for the future of work.
This year, a significant number of firms have increased their financing. More than half of all Top 100 firms have renegotiated banking facilities, with nearly two thirds of these increasing their facility level. Further, the average levels of total partner capital and current accounts have increased.
Despite the need for financing, law firms still struggle with unlocking finance through reducing working capital.