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Why you should avoid the distractions of the annual financial reporting round

By Ian Jeffery, Managing Partner, Lewis Silkin   

26 June 2013

Followers of law firm financial news will have seen the first sets of annual results coming out from the UK’s leading law firms over recent weeks. As ever, those early results include a good number of success stories, with instances of strong growth in both revenues and profits. It won’t be for some weeks yet that we’ll see the broader picture across the UK profession when the full league tables are published, but it’s not too early to start asking some questions about what might end up being reported, or indeed about the whole nature of the annual results round-up.

The early triumphs that we’ve seen sit rather at odds with other, wider developments being reported. We recently learned of the Solicitors Regulation Authority’s conclusion that up to 160 firms in the UK are in financial difficulty, including, it seems, a number of the top-200 firms. We have also seen substantial rounds of further redundancies being announced by large f...

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