Do you work for a law firm if so how are you/is it doing?
Discussion
I know a number of firms have asked their partners to inject further capital into the business. The partners of the big firms who despite drawings of min £400k pa generally had to come and have a chat with me about topping up their partnership loans. Could not believe how few of them had anything left in their capital accounts.
What is it you do MCM?
P
What is it you do MCM?
P
The large UK law firms, Magic Circle and the other large London partnerships, are doing fine, partners might be making 20% less, but it was 20% of a large number. Most have already reassessed their headcount (partners and FEs).
The issue is really more in the mid-market. The large firms have started to dip down into lower tier work, reducing fee rates, etc. The mid market firms (outside top 20) firms cant compete.
The issue is really more in the mid-market. The large firms have started to dip down into lower tier work, reducing fee rates, etc. The mid market firms (outside top 20) firms cant compete.
JxT said:
The large UK law firms, Magic Circle and the other large London partnerships, are doing fine, partners might be making 20% less, but it was 20% of a large number. Most have already reassessed their headcount (partners and FEs).
I'd agree with that. We're still charged £500+/hour by Magic Cirle firms' Partners in Capital Markets - and that's the pre-agreed discounted rate.One in particular has a string of country homes in the UK and abroad. I think they're doing OK!
I work for about 20 solicitors practices, mainly sole proprietors and small partnerships and, across the whole spectrum of work - social welfare law on Legal Aid to acting for some very high net worth individuals who will buy and sell domestic and commercial properties up to around £25M with no sign of a loan - it is st.
We're doing fine but then again we're one of the biggest (I.M. Are the initials for those that know these things). Hear some horror stories from friends in property/commercial especially over the last financial year. I think this year is looking slightly better.
Double whammy though recently with various reforms to the legal system and de-regulation will be swiftly upon us- Tesco Law and all that jazz.
Double whammy though recently with various reforms to the legal system and de-regulation will be swiftly upon us- Tesco Law and all that jazz.
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