Research by Legal Week into confidence levels at the
While few are predicting the soaring increases in turnover firms have enjoyed in recent years — most (54%) expect their firm to boost billings by between 1% and 10% — partners are broadly confident that revenues will not plunge dramatically.
Only 11% fear turnover at their firm will drop by up to 5%, with a further 24% predicting it will stay static.
Linklaters corporate head David Barnes said: “We are very busy at the moment and we see it continuing into the next quarter, although after that it’s difficult to say.”
However, David Morley, managing partner at Allen & Overy, warned: “I do not think all of the bad news is out. We haven’t got to the point where investors give up hope and there is a degree of gloom before they do that.”
The survey also revealed the increasing importance of firms’ international practices during a downturn, with just under 30% of respondents singling out the Middle East as the area that will see the most growth, with Asia (26%) and Central and Eastern Europe and CIS (21.2%) just behind.
Corporate was the area identified by most (36%) as a top investment priority despite the downturn in M&A. This was followed by litigation (29%) and restructuring (17.6%).
Less than 10% of respondents cited banking, property, intellectual property or employment as top investment needs.Will the top 50 stand up as the slowdown takes hold? Click here to have your say.
Click on the link below for the full table of results.
UK Top 50 2007-08Have your say on all the end-of-year financials with the Legal Week Wiki results special.
UKTop502008
