More mergers on the agenda as legal sector stabilises
A third of law firms across the north expect to merge in the next three years as the market becomes more stable, according to new research.
A total of 53 per cent of firms increased fee income this year, the PwC 2014 Law Firm Survey found, and 37 per cent are very confident of revenue growth over the next 12 months.
While significant merger activity has influenced this to a certain extent, law firms generally are experiencing a return to growth. And almost a third (30 per cent) of firms still expect to merge within the next three years.
Adam Waller, North West leader of PwC's law firm advisory group, said: "With clear evidence of improving economic conditions, our 2014 Law Firms Survey confirms that a degree of stability and confidence is returning to the legal sector across the north. Corporate activity has re-ignited, with a corresponding uplift in transactional work, and firms are busy again.
"The survey paints a brighter picture for the future of law firms than a year ago. The majority of firms surveyed expressed confidence about their growth prospects over the coming three years. Merger activity looks set to continue in the region with nearly a third expecting to merge by 2017."