19 November 2008

UK law firms are better positioned than many to ensure they survive the current financial crisis, a new PricewaterhouseCoopers report has concluded.

The company's annual survey of the financial performance of UK law companies found that they experienced another year of "record results", with the average fee per partner for the top ten firms in the country reaching nearly £2.9 million, while those inside falling in the 11-25 positions averaged £1.8 million.

Alistair Rose of PwC noted that the results showed the ability of law firms to implement "effective financial and operational planning" during the credit crunch.

"With the UK almost certainly heading into a prolonged recession, it is these firms that will be stronger placed to manage their way through it," he explained.

A number of legal companies have announced their financial results recently, including Taylor Wessing, which posted a slight UK loss but a global profit for the first half of 2008.