denotes premium content | Sep 7 2008 
News
posted 22 Jul 2008
Survey: Fee income up thirteen per cent
THE UK’s top-100 law firms have weathered the ‘credit crunch’ in the year ending 30 April 2008, with an average increase in fee income of 13.2 per cent, according to Deloitte.
Year-on-year fee growth was 12 per cent for the fourth quarter, compared with 10.6 per cent, 12.5 per cent and 15.1 per cent for the third, second and first quarters respectively.
Financial performance was strongest among the larger top-10 firms, where fee income growth hit a high of 17 per cent, while average fees per fee-earner increased 5.4 per cent.
Jeremy Black, associate partner in Deloitte’s professional practices group, said: “While fee income growth for the year has been driven by exceptionally strong performance in the first half, the growth achieved in the most recent quarter is encouraging. It will be interesting to see how things develop in the year ahead and whether law firm performance simply lags other sectors or whether the work generated by financial turmoil insulates firms from any downturn.
“Firms are reasonably positive at the moment, forecasting growth rates of just under 10 per cent for the year ahead.”
