The UK’s Top 100 law firms have recorded fee income growth of over 12% for the three months ended 31 October 2007, according to the latest figures from business advisory firm Deloitte.  Despite concerns about a slowing down of activity, the sector continues to perform well.  Amongst the top 25 firms, fee income growth for the quarter was especially strong, at over 17%.

Deloitte’s Quarterly Legal Sector Survey (QLSS), found that fee income growth dipped slightly in Q2 compared with Q1.  In the first three months of the year, fee income across the Top 100 grew at over 15%.  This has dipped to 12.5% in the second quarter. 

Jeremy Black, associate partner in Deloitte’s Professional Practices group said: “This is an excellent performance in what has been an uncertain market.   Firms have built on a strong first three months to deliver fee income growth of 13.6% for the half year.  The test for the sector will be the next six months, however, given the nature of the services provided, and the financial dynamics of law firms, the full year performance is likely to be impressive.

“Despite the recent turmoil in the international capital markets, UK law firms remain confident that they will deliver double digit growth over the next six months.”

The QLSS provide regular up to date information on the performance of a significant segment of the legal sector.  This is its second quarter.

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Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s omissions.  Services are provided by member firms or their subsidiaries and not by DTT. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority. The information contained in this press release is correct at the time of going to press.