The start of the pandemic brought gloomy predictions of slumping revenue, even insolvency, for the legal sector. The reality, as shown by this year’s top 50 accounts analysis in association by Evelyn Partners with Law.com International shows the sector has proved highly adaptable, surviving and even thriving during the crisis.
Revenue for the top 50 firms broke through £20bn in 2020/21, the height of the pandemic disruption, up 4.2% over the previous year. This is an astonishing achievement at a time of considerable uncertainty. Costs were kept tight, law firms moved to preserve cash and recover debtors.
A new series of challenges loom, as the economic climate weakens and inflationary pressures mount. Corporate confidence is falling and many of the pressing issues from before the pandemic are still there for the legal sector. Law firms will need to be just as agile in the year ahead.