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Annual Law Firm Survey 2023
Navigating the storm: riding out the turbulence and grasping the opportunities in the months ahead
The 29th Annual Law Firm Survey, conducted by Evelyn Partners in conjunction with The Lawyer, reveals a sector, that has emerged from the challenges posed by Brexit and the COVID-19 pandemic with confidence. Law firms have demonstrated resilience and adaptability, fostering a positive outlook for future growth.
The greatest challenge for law firms today revolves around the recruitment and retention of talented people. As part of this, there has been a growing emphasis on improving the working culture within the legal sector, improving work-life balance, mental health support, and diversity and inclusion metrics. We look at how wellbeing initiatives in the sector are developing.
The survey also takes a look at recent tax reforms and their impact on legal firms. Recent changes in legislation have pushed firms to reassess their business structures. The sector has witnessed a shift towards greater transparency in financial reporting and heightened compliance measures, including carbon reporting. The sector continues to show itself capable of taking change in its stride.
Giles Murphy on the Law Firm Survey
Giles Murphy, Head of Professional Practices at Evelyn Partners LLP, discusses the key findings from the Law Firm Survey with Thomas Procter, Head of Research at The Lawyer and Vitesa Fetahu, Senior Research and Insights Analyst at The Lawyer.
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Business Confidence
Optimism is a key characteristic of any leader. With that in mind, it is perhaps no surprise that those involved in the management of law firms or performing the role of partner are confident in the year ahead – even in the dark days of the pandemic in our 2020 survey 90% of respondents said they were confident about the future - and that was before a vaccine had been identified.
The business case for financial wellbeing
Imagine a way to improve your employees' performance by 25%, without radical organisational change.
Basis period reform – where are we now?
Basis period reform represents a significant change to the way in which self-employed individuals, including partners in law firms, are subject to UK tax on their income. While the removal of basis periods will provide simplification for some businesses, including smaller partnerships, for larger professional service firms it raises a number of challenges.
Cyber Risk for Law Firms
The legal sector is a highly attractive target for cyber security threat actors due to the sensitive client information and large sums of money that law firms routinely handle. Senior leadership must be engaged with cyber risks and ensure active backing and support for security management initiatives spanning people, processes and technology.