Law Update: Stragglers sinking
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A substantial increase in the number of law firms going out of business is predicted by Coopers & Lybrand in its latest financial management survey, which reveals a worsening performance by up to one-third of firms. For the majority, however, things are looking up: 59 per cent have increased profits per partner, compared with 39 per cent in last year's survey. Fees billed per partner have increased for 79 per cent of practices (65 per cent), and 60 per cent have seen an increase in chargeable hours (43 per cent).
Brian Woods-Scawen, the Coopers partner responsible for the survey of 1,000 firms nationwide, said the point of no return had been reached for a number of the stragglers. 'Some will be taken over, others are destined to sink into mediocrity, gradually losing their key partners and clients, and the rest will not survive the next few years.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments