Respondents to PwC annual lawyers’ survey say costs are growing faster than fee income
Cost pressures from high inflation and an inability to pass the burden on through pricing to clients are among the biggest concerns of the top 100 law firms in the UK, according to a survey, as billable hours fall across the board. Staff and support function costs are growing at a faster rate than fee income, according to the annual PwC law firm survey, which polls the top firms by global revenue.
Despite cost pressures, UK firms have had to keep pace with their US rivals, which have outposts in London and have been hiring aggressively. Rivalry from US peers was cited by the top 10 UK firms in the survey as their greatest competitive threat. That may have helped increase average headcount among the top 10 — from support staff to equity partners — by 1.8 per cent on the previous year. For firms in the 11-25 bracket, headcount grew 3.3 per cent.
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