The recession is finally over for UK law firms, according to a new survey.
Conducted by client relationship management consultancy Collier Pickard, in conjunction with the UK Law Society Gazette, the survey reveals that all law firms, regardless of their size, feel the recession is ending and are expecting growth in 2011-12.
As the Gazette reports, six out of 10 UK firms expect revenues to increase over the next 12 months, while only 3.6 per cent predict a fall.
Designed to uncover how "legal firms are leading in times of transition", the survey focused on partners and senior decision-makers at UK law firms and revealed a positive attitude among firms.
According to the survey, 57 per cent of respondents expect growth in the commercial practice area, 48 per cent expect growth in commercial property and 48 per cent expect growth in employment. Revenues from insurance, personal injury and civil litigation are expected to remain flat.
Client retention is a priority for all UK firms in 2011 and 2012, with 98 per cent of those surveyed claiming they will place high or very high importance on growing existing clients for the next 12 months. Only 45 per cent of respondents felt they had been good at retaining clients over the past 12 months. Acquiring new clients was also important but more so for the larger firms.
Demonstrating the sense of optimism among UK firms, half of the firms surveyed said they are willing to venture into new markets in 2011 and 2012, as opposed to only 30 per cent over the past year. With this optimism mostly evident in larger firms, the small firms are being slightly more cautious.