New research from the Law Society has revealed that legal practices in Devon and Cornwall are continuing to see an improvement in fortunes, with positive signs of growth.
The key findings in the Law Management Section (LMS) annual profitability survey, sponsored by Lloyds TSB Commercial, reveal the financial health of law firms across the UK.
The most recent survey findings suggest that practice fee income for legal firms has increased by 1% in 2011, as law practices continue to recover from the impact of the recession. In 2010, firms in the region saw a marginal increase in practice fee income of 0.2%, after a 6.5% drop in 2009.
The survey of LMS member firms also revealed that average net profit per equity partner increased from £112,549 to £114,853 – a rise of 2%.
Peter Blakesley, senior manager, specialist markets for Lloyds TSB Commercial in Devon and Cornwall, said: “This year’s survey shows admirable resilience on the part of solicitors. Fee income rose slightly against difficult economic conditions, while median net profit increased by 2% – a modest rise, but nevertheless building on last year’s improvement.”
“Last year’s respondents predicted that income growth might be around 1% and they were spot on. This year, they are forecasting 3% growth, so hopefully there are better times ahead.”