6 ISSUES FOR JUST £6 Subscribe to Business & Professional Life today CLICK HERE

Total number of partners at UK law firms grows for third year running

PUBLISHED: 14:52 08 February 2018 | UPDATED: 14:52 08 February 2018

The legal team at Hazlewoods (c) Will Pascal UK

The legal team at Hazlewoods (c) Will Pascal UK

Will Pascall UK

Positive signs of growth for profession despite Brexit uncertainty

The number of partners at UK law firms has risen for a third consecutive year, says Hazlewoods, Chartered Accountants and Business Advisers who specialise in the legal profession.

Hazlewoods explains that the total number of partners at law firms increased by 17 in 2016/17, following increases of 264 and 284 in 2014/15 and 2015/16 respectively.

Hazlewoods says that although there has been a slowdown in that growth rate of new partners, the slight rise in the last year shows the industry has remained resilient through the period of immediate uncertainty created by Brexit.

As a result of Brexit, law firms are assessing what potential changes there will be and what they will mean for their future workloads, which roughly splits into two scenarios:

1. An increase in work from companies requiring legal advice to deal with the possible impact of Brexit. With EU laws and regulations so deeply imbedded in the UK economy, businesses, especially regulated businesses, are using law firms to help prepare for the final Brexit. This work ranges from scenario planning through to the rewriting of contracts and setting up of new legal entities to help smooth the transition to final Brexit.

2. A reduction in corporate finance and broader financial services and real estate work. These are all key areas of revenue for many of the UK’s largest law firms. The risks connected to Brexit is said to have made UK businesses less attractive as M&A targets and UK real estate less attractive compared to other markets such as, for example, Frankfurt. If UK based financial companies lose EU passporting rights, UK law firms could lose out on work as more financial services shift activities to the rest of Europe.

Hazlewoods says that Top 100 law firms are still the main generator of new partners, but ‘platform law firms’ and boutique legal practices are growing niches that are creating their own flow of new partners. There is a reduction in partner numbers in many smaller firms, and the move from partnership to limited company status is also continuing apace.

Some larger law firms are losing senior lawyers to platform law firms and boutique law firms who offer them the prospect of retaining a higher percent of the fees they bring in for themselves.

Andy Harris, Associate Partner at Hazlewoods, comments: “The growth in the number of partners at law firms for the third year running, although small, shows the resilience of the legal profession.”

“Despite Brexit and the uncertainty surrounding any future deal, law firms have been able to maintain their current partner numbers, and in many instances continue to grow the business.”

“We anticipate that it will continue to be the success of strategically important practices, like corporate finance and real estate that determines the overall growth in partner numbers at the biggest law firms.

Visit the Hazlewoods website here.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Cotswold Life visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Cotswold Life staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Cotswold Life account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

More from Cotswold Life

Yesterday, 10:35

Poet Pam Ayres is well known for her deep love of animals. Which is why, in her latest book, she’s turning her attention to a particularly prickly subject: the plight of the British hedgehog

Read more
Yesterday, 10:30

‘Madonna is back on the stereo, but this time around I’m taking no chances’

Read more

Many might have been daunted at the thought of taking on not one, but two Grade 2 listed barns, but not Cotswold designer Pippa Paton who launched into the project with great gusto

Read more
Yesterday, 10:20

Enjoy a day in the sunshine at these wonderful Pick Your Own fruit farms in the Cotswolds...

Read more
Yesterday, 10:07

Cheltenham’s Street Chilli Fiesta will return to Cambray Place on Saturday June 2 from 10am, bringing more than 15 chilli produce specialists to town

Read more
Yesterday, 10:02

It is the highest town in Oxfordshire, was once a major industrial hive for wool and tweed, took part in the rather bizarre ritual of wife selling in the mid 19th century and is home to the ‘Aspirin Man’. Chipping Norton is certainly a colourful place, full of character and charm whilst maintaining a down-to-earth friendliness. I took my mum, dad and daughter number three with me to explore this vibrant little Cotswold town and had a few surprises of my own

Read more
Yesterday, 09:02

Cheltenham Cricket Festival 2018 promises a fortnight of entertainment at the college grounds, from Monday, July 16 to Friday, July 27

Read more
Wed, 16:44

Deborah Thompson talks us through the distinctive qualities of wine produced right here on our doorstep

Read more
Wed, 16:13

Co-founder of Wantage accountancy firm Inca has teamed up with Oxfordshire Fitness and 28 Nordic walkers to raise nearly £500 for Parkinson’s UK with a nine mile circular trek up Faringdon Folly from Buckland Village Hall

Read more
Wed, 15:57

An international trade deal to launch a new venture between China and Gloucestershire was agreed at The Gloucestershire Business Show, held May 16 and 17 at the Centaur, Cheltenham Racecourse

Read more
Wed, 14:47

We talked to chief audiologist at The Tinnitus Clinic, Mark Williams, who discussed causes, symptoms and treatments for tinnitus and hearing loss. Here’s what to do if you have ringing in your ears

Read more
Wed, 13:40

Join Lunch & Learn at C11 Cyber Security and Digital Centre for Cyber Bites

Read more
Tue, 14:31

Settle into a spacious seat, sit back in luxury and enjoy the ride before landing in the grounds of the stunning Goodwood estate - travel doesn’t get much better than that!

Read more
Tue, 12:12

Cotswold designers are celebrating after picking up gold and Best in Show at the 2018 RHS Chelsea Flower Show. Words by Mandy Bradshaw

Read more
 
Great British Holidays advert link

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Topics of Interest

Food and Drink Directory
A+ Education

Subscribe or buy a mag today

subscription ad

Local Business Directory

Cotswold's trusted business finder

Job search in your local area



Property Search