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The growth imperative: Positioning in a dividing market

The market within which the main UK law firms operate is dividing more distinctly than ever before. Richard Tromans looks at the ways firms can position themselves for growth

22 March 2016

The 2014/15 financial year was 'a good year' for many law firms in the UK and certainly better than for many years since the financial crisis. But, was growth universal among commercial law firms? The short answer is: no.

Underlying conditions have not substantively changed for the UK legal market as a whole. Some firms are doing very well, that is certain, but unlike previous positive market periods there is no rising tide that is lifting everyone up. Only half the firms are being fully lifted up. The other half are experiencing slow growth as well as in some cases a contraction in total revenue, revenue per lawyer and/or profits per equity partner.

What is also clear is that the market within which the main UK law firms operate is dividing more distinctly than ever before. The reality is that the legal market, which to some extent has for many years accepted that a few '...

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