Overview

The second quarter of 2008 was the first period for 16 years when the UK economy failed to grow. Since then, the onset of global recession has affected the vast majority of law firms, but the extent of that pain is only now being revealed as firms report their results for the last year.

The general trend so far seems to be that turnover is slightly up on the year prior but profit per equity partner (PEP) is significantly lower. However, there is, of course, no requirement for firms to report results (until they file their LLP accounts, which can be as late as next January). So, what about those firms which have remained quiet on their financial performance?

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