Smith & Williamson Releases 3rd Annual Survey of Irish Law Firms

Ireland’s legal sector is experiencing a rise revenue and profits, which in turn is fuelling upbeat expectations, according to The Smith & Williamson Survey of Irish Law Firms 2014/15.

 

Smith & Williamson Releases Survey of Irish Law Firms

Ireland’s legal sector is experiencing a rise revenue and profits, which in turn is fuelling upbeat expectations, according to The Smith & Williamson Survey of Irish Law Firms 2014/15.

 

 

 

 

 

How are legal firms performing?

Overall, revenues increased in 64% of firms in the last year and profits rose in 55%, according to the survey. However, larger firms faired even better with 83% of the top 20 firms witnessing rising revenues and 58% reporting increased profits.

This rise in the fortunes of the sector is underpinned by an increase in chargeable hours in 37% of firms (and 67% of the top 20). Recruitment in the sector is also on the up with 41% of firms increasing their staff numbers in 2014 (83% of the top 20 firms). Over 84% of law firms (100% of the top 20 firms) believe the business outlook for the legal sector in Ireland improved in the last 12 months. This is a significant increase on previous years where only 57% in 2013 and 20% in 2012 noted an improvement.

Our survey also contains information answering the following questions;

  • What areas are fuelling this growth?
  • Are there any areas of concern?
  • How is technology impacting the sector?

Click here to find out more

Article Published: 24/11/2014