Firms predict fee income and profit growth up to 10%

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21 November 2014


Firms across the UK are feeling optimistic about the next 12 months – anticipating a growth in profit and fee income according to NatWest.

The results come from a survey taken during the fourth annual NatWest Legal Conference series held in cities across the UK in October.

Over 400 attendees – from Birmingham, Manchester, London, Edinburgh and Exeter – were surveyed during the event. 48% of those who responded stated that they expected profit per equity partner to grow by up to 10% in the next year. 19% said they thought it would stay the same while 18% predicted a rise of between 10 and 20%.

Over 53% of those questioned also thought fee income was likely to rise up to 10% in the next year, with 14% predicting it would stay the same. 25% were even more confident – predicting a rise of between 10 and 20%.

The event, hosted in association with Huthwaite Legal, looked at how firms need to adapt and develop new skills in order to thrive in an evolving sector

Delegates heard from a host of industry experts including Stephen Gold, who took Golds Solicitors from a start-up to merging with a national firm; Robert Mowbray of Taylor Mowbray LLP; Phil Wedgewood, CEO of Rekoop, who reiterated the importance of time recording and David Freedman, Huthwaite International, who delivered techniques to improve business development.

Steve Arundale, head of professionals at NatWest, said: “It’s great to see that law firms are anticipating a successful spell over the next 12 months. The optimism could be down to the an uplift in the economy which has stimulated an increase in transactions particularly in the Retail and Commercial sectors.

“The bank is committed to supporting the legal sector and the delivery of business expertise via annual conferences is one of the ways in which we look to support legal firms. Feedback tells us that delegates get benefit by attending the conference and they take away practical tips that can help them grow their business.”

 



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Inbound marketing for law firms – For those about to flock

Chris Davidson Moore LT

Written in honour of Malcolm Young, recently deceased founding member of AC/DC, there are nine references to AC/DC songs throughout this article. We will send a £20 iTunes voucher to the first person who gets in touch to tell us what they are. The forces that are driving change in the legal profession are wide and varied. The ability of law firms and individual solicitors to respond positively and innovatively to these challenges will determine who survives and prospers. Competition for new business is fierce, a dog eat dog world, one might say. Which brings us to AC/CD. Not my favourite rock band, but an acronym for Attract, Convert, Close and Delight – the four pillars of inbound marketing.

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