Small law firms have faced ‘unprecedented pressure’ but are largely optimistic about their prospects in the year ahead, exclusive research conducted by Wesleyan for Lawyers in association with the Gazette has revealed.
A survey of 129 firms, mainly small practices with fewer than 10 partners, showed that 57% have seen their fee income shrink in the past 12 months, with more than a quarter reporting a drop of more than 10%.
Nearly half the firms questioned have made redundancies, and almost a third have cut staff working hours, while 13% have closed at least one UK office.
