Our annual summary of the financial results and trends from the past year #PwCLawSurvey
of Top 100 firms are concerned COVID-19 will stop them meeting their financial ambitions
has fallen across all Top 10 bandings (by between 2-10%), the first occurrence of this in 8 years
Average chargeable hours fell in Top 10 and 25 firms for almost all grades of staff (by between 2-11%)
Going into this year, firms faced many challenges. They needed to ensure sustainable and profitable growth with Brexit looming over them, build a culture attractive to new talent, and invest in the right technologies to build and maintain competitive advantage.
And then in March, the coronavirus (COVID-19) pandemic hit, disrupting plans as firms focused on keeping themselves going. Unsurprisingly, this year’s survey revealed COVID-19 is the most significant threat to law firms meeting their future ambitions over the next 2-3 years.
We believe this offers a chance for firms to do things differently. The pandemic has provided an opportunity to fast track a change in working culture, with positive change expected in areas such as work/life balance, hybrid working, use of office space, diversity and inclusion, focus on mental health, and upskilling staff in digital technologies.
Those that build on the work initiated in their immediate response and embrace the possible innovations will emerge stronger, and position themselves as firms that can look to the future with confidence. That’s why this year’s theme is “embracing change to succeed”.
“From the end of March (UK lockdown), most law firms moved swiftly to put in place measures of flexibility and agile working which we see continuing beyond COVID-19. The pandemic has provided an opportunity to fast track a change in working culture, with positive change expected in areas such as work/life balance, hybrid working, use of office space, diversity and inclusion, focus on mental health and upskilling staff in digital technologies.”
Below you can review the results of all our surveys from 2009 to 2020, and compare the performance of the Top 100 law firms over the last 11 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 2020 results with our full analysis, download this year’s report below.