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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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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.
0330 161 1234