The anticipated financial impact on UK law firms has not materialised, with most firms making a profit since first lockdown, a survey reveals.
The research was carried out by independent accountancy firm network MHA which revealed 91 per cent of firms surveyed reported making a profit since March 2020. Of those making a profit, 18 per cent reported profit growth of more than 20 per cent between March and December 2020.
MHA found that profits have been driven by fee income recovery and cost cutting efforts.
In an initial survey of 100 firms last May, just 14 per cent of firms said covid-19 either had no impact or a minor impact on fee income, while 38 per cent said it was having a major impact on fees.