We're almost at the half way point of results season, with 46 of the top 100 UK law firms announcing their FY15 figures. So how is the market performing so far? Well...
- Total revenue is up 3% from £14.5m to £14.9m. This is slightly down on the 4% growth the same 46 firms enjoyed at this point 12 months ago
- 23 firms have delivered more growth in FY15 than they did in FY14, while 18 have grown at a slower pace
- The regional and national firms have performed better this year than last year, growing at 11% in FY15, compared to 6% in FY14. Revenues are up from £783m to £868m
- London firms continue to perform strongly, keeping growth steady at 11%, the same as last year. Revenue increased from £528m to £584m
- International firms, however, have only only increased revenue by 2%, from £13.2bn to £13.4bn. This is down from the 4% growth they showed last year
See the full FY15 revenue tracker at www.thirteenideas.com
90% of what one law firm does is the same as another. 10% is distinctive. I help law firms uncover, articulate and communicate how they’re distinctive. This helps win work. It also strengthens client loyalty, streamlines decision-making, enhances collegiality, makes recruitment easier and means time and money can be used more effectively. This might mean a complete rebrand for a firm that needs to define its market proposition more precisely. It could be helping a firm articulate its key messages more clearly and communicate them more persuasively through its bids and tenders, marketing materials, website or thought leadership. Sometimes it’s about building a concise framework to help deliver a best practice, distinctive experience at every stage of the client journey. Whatever it is, something distinctive exists within everyone – it just needs uncovering.