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By Kevin Wheeler
This week sees the publication of the PwC 2013 Annual Law Firms’ Survey and it paints a story of woe for all but the largest firms.
Falling profit margins outside the Top 10
Overall, allowing for inflation, the UK market has been flat over the last year reflecting the challenging economic conditions and pricing pressures. However, whilst the Top 10 firms have increased their average net profit margins to 38.5%, the firms ranked 11-100 saw a fall to leave them on average with margins of around 23-24%. Approximately one third of all firms outside the Top 10 reported UK net profit margins of less than 20%.
That the firms outside the Top 10 have been battered by the economic conditions, increasing client demands in the form of falling prices, and the impact of new entrants to the market, is reflected in their profits per equity partner (PEP) figures: the Top 11-25 now record £448K whilst equity par
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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