Commercial law firms have a limited “window of opportunity” to adopt new delivery models which is unlikely to “remain open forever”, a report has warned. Jomati Consultants also revealed that four City firms are on course to receive almost £8m in government grants as a result of opening low cost centres.
Law firms are “in good shape financially”, with median income increasing by 5.4% last year, according to Law Society research. The survey found the median fee income for a partner had reached almost £620,000 and a solicitor almost £118,000 – but more partners than last year are drawing too much.
A judge who wrongly questioned the status of a solicitor after doing his own research on the Law Society’s website, has been criticised by the Court of Appeal. The judge at Central London County Court complained that he had prosecuted “too many swindlers” as a barrister, and was “naturally suspicious of everybody, particularly in this court”.
Legal Futures Blog
During recent weeks, there have been conflicting opinions on bank borrowing, particularly as it affects professional firms. One piece of advice, aimed primarily at law firms, expounded the view that firms which did not borrow more while interest rates were so low would be exhibiting behaviour ‘almost bordering on professional negligence’. By contrast, with comments directed at a broader market, portfolio managers want companies to pay off debt instead of paying large dividends to shareholders.