Our 30th annual summary of the financial results and trends from the past year #PwCLawSurvey
of Top 100 UK firms expect to reduce their office footprint in the short to medium term
view cyber risk as the biggest threat to future growth ambitions
of Top 100 UK law firms reported an increase in profits
There have been many changes in the last 12-18 months. Many of us perhaps thought by the autumn of 2021 the pandemic would be behind us, but that is not yet the case.
One of the biggest challenges for law firms has been adapting to new working practices. With the majority of the last financial year resulting in staff working from home, law firms had to seek out new ways to operate for both fee earners and back office staff. The financial results indicate that, in the main, law firms have embraced change and recorded extremely positive financial results.
Going back to the spring/summer of 2020, law firms were extremely worried about what the future would bring and the impact of COVID-19, along with Brexit. Many firms predicted falling revenue and profitability, and it was clear that there was not much optimism in the sector. Fast forward 12 to 15 months and that view is very different. Optimism has replaced the pessimistic view many had of the future.
Law firms have experienced significant disruption and have fared well through tough times. Those that embrace and invest in the learnings will be well placed to meet the challenges that lie ahead, which is why this year’s theme is ‘facing the future with confidence’.
“These are fast moving and exciting times. As we move forward out of the pandemic, we will see how firms best respond to challenges both old and new: securing sustainable, profitable growth; successfully embedding a hybrid working environment that aids talent retention; cyber security; capitalising on investment in technology; and delivering on ESG promises including diversity and inclusion targets, climate related goals, and social responsibility.”
Below you can review key results of our surveys from 2009 to 2021, and compare the performance of the Top 100 law firms over the last 12 years. Our explorer gives KPIs for law firms including fees per fee earner, profit margin, annual change in the size of Top 100 by fee income, and male vs female full equity partners.
To get our 2021 results with our full analysis, download this year’s report below.