SME firms performing well
According to research from chartered accountants HW Fisher & Company SME legal firms are recovering well from the impacts of the recession.
In an annual poll of 75 SME law firms in London and South East England profits were up a record 17% from last year.
The Legal Services Act (LSA) has so far had little impact on the workings of SME practices, with 93% of those polled reporting no effect on business.
36% think the situation could change in 2014, as the full impact of the LSA begins to be felt.
Turnover per employee grew to a new average of over £100,000 per employee for the survey period, up 11% from the previous year.
Litigation work remains a key part of the small practice agenda. Personal injury and clinical negligence work made up 15% of respondents’ business, while 5% was in employment and 4% in probate.