Increased confidence in the legal sector – or is it over-confidence?

Increased confidence in the legal sector – or is it over-confidence?

By Kevin Wheeler 

According to Smith & Williamson’s latest law firm survey, optimism in the legal sector is the most positive it has been since 2007 with 82% of respondents saying that they are confident about the coming year (up from 61% this time last year).

This confidence is being driven by signs of a sustainable recovery in the UK economy. Last week’s CBI/PwC survey reported that optimism throughout the financial services sector rose at its fastest rate since the survey began in 1989 in the final three months of last year. As a result, the City – a major driver of fees for many law firms – is now the fastest-growing part of the UK economy.

Despite this renewed confidence among law firms, securing a sufficient share of the work out there is proving increasingly tough, with 81% reporting that the environment has become more competitive in the past year according to Smith & Williamson. Larger firms are experiencing the highest levels of competition, with more than nine in ten practices with 100+ partners reporting an increase in competitive pressure.

Rather than develop

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About the author:

Kevin Wheeler has been advising professional services firms on all aspects of marketing and business development for nearly 30 years. As a consultant he helps firms to manage and grow their key clients as well as to win new ones. As a certified coach with WABC he works with partners and those approaching partnership to improve their BD skills.