An annual benchmarking survey has highlighted the impact of covid-19 on medium-sized law firms. Year-on-year growth is up, and practice fee income saw a small increase, but profits per equity partner (PPEP) dropped and projected profits are down. Staff costs also increased.
The 2021 report, sponsored by Lloyds Bank, was produced by Hazlewoods LLP for the Law Society’s Law Management Section. In its 20th year, respondents are unlikely to have seen a more turbulent year.
Financial data relating to the last two financial years was collected from 145 firms across England and Wales, with a combined income of over £725m. The survey closed in October 2020.
Many firms performed well in early 2020; 60 per cent...