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Professional Practices Press Coverage

Our perspectives and commentary on topical issues

Financial Times: Top 100 UK legal firms increase income 5.7% in first half, December 2013

The FT reports on Deloitte’s Quarterly Legal Sector Survey (a quarterly survey benchmarking the top 100 UK law firms). The sector had a strong first half of the year with 5.7% growth. Jeremy Blacks said: “The results support recent economic data showing the services sector as a key engine for growth in the UK economy. The legal sector is seeing increased activity in the real estate and corporate departments as a result of increased bank lending and a rise in IPO and transaction activity. Whilst last quarter’s results were strong, we can perhaps take more confidence from this latest set of results as a greater proportion of growth has come from underlying improvements, rather than mergers and acquisitions in the sector.”
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Legal Week: Hourly rate growth boosts Q2 turnover at top 10, December 2013

Jeremy Black, Partner - Audit
Legal Week reports on Deloitte’s Quarterly Legal Sector Survey (a quarterly survey benchmarking the top 100 UK law firms). The article looks at the headline rates driving this quarter’s growth. Jeremy Black comments “Firms operating in a volume space are also finding it difficult, while those in the value space are finding it easier."
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Law Society Gazette: Firms report steady growth after ‘prolonged stagnation’, December 2013

Jeremy Black, Partner – Audit
Law Society Gazette reports on Deloitte’s Quarterly Legal Sector Survey (a quarterly survey benchmarking the top 100 UK law firms). The article quoted Jeremy Black – “Hopefully, this is the start of a steady rise in activity for the domestic market.”
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The Lawyer: Deloitte the winner in UK 200 audit race, November 2013

Jeremy Black, Partner – Audit
The Lawyer reports that two-thirds of this year’s UK 200 top 30 firms are clients of Deloitte. Jeremy Black explains the investment and importance the firm places on the sector, allowing the practice to build a breadth and depth of expertise that allows us to better serve firms both here in the UK and globally.
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The Lawyer: Law firms must address the cyber threat, says Deloitte, October 2013

James Alexander, Partner – Cyber security
The Lawyer ran an opinion piece from James Alexander discussing the cyber security threat facing law firms. The sector is a key target due to the high profile clients they serve and the sensitive data that they hold.
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Legal Week: Underperforming law firms must take action if they are to survive today's turbulent market, May 2013

Clare Boardman, Partner - Restructuring Services
Clare Boardman provided Legal Week with an opinion piece looking at the challenges in restructuring a law firm. Clare looked at a variety of issues including assets, partner drawings and cashflow. The piece then provided an overview of possible solutions for law firms facing difficulties.
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The Lawyer: Chancellor gets on LLPs’ case, March 2013

Alison Bond, Partner - Tax
Alison Bond considers what the Budget mean for law firms? The content of this year’s Budget announcements, pertaining specifically to partnerships, echoed the strong theme around clamping down on anti-avoidance. The question for most professional practices will be whether or not any new rules are likely to impact (inadvertently or otherwise) all partnerships or only those that are engaging in arrangements to artificially reduce tax liabilities.
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The Lawyer: Beware the stealth ABS revolution, January 2013

Alison Bond, Partner - Tax
Alison Bond discusses Alternative Business Structures and their power to change the face of the legal sector. A year on from the first ABS licences coming into play, how is the legal sector beginning to see the effects?
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Legal Week: Three paths to resilience – what law firms will have to do to thrive in the new normal, October 2012

Jeremy Black, Partner - Audit
In light of the economic slowdown and new legislation, we believe the legal market will see the emergence of a variety of clearly defined business models. Many firms currently operating as general practices will undergo a strategic shift over the next decade leading to much more specific service offerings. Jeremy Black gives his view on the future of the legal sector.
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City AM: Make the hard road to legal partnership easier to tread, June 2012

Jeremy Black, Partner - Audit
Jeremy Black considers the fundamental change in the career path for graduate lawyers in today’s difficult economic climate. Prior to the recession, law firms enjoyed exponential growth providing a high chance of ultimate promotion to partner. Nowadays, growth rates are slower and the opportunities for progression are not quite as frequent. Nevertheless, both the economic background, and regulatory changes following the 2007 Legal Services Act, are creating new opportunities. Young lawyers just need to adapt.
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Articles quoting Deloitte Professional Services experts

FT: Grim outlook for UK law firms, June 2013

Jeremy Black, Partner - Audit
The FT reports on Deloitte’s Quarterly Legal Sector Survey (a quarterly survey benchmarking the top 100 UK law firms). The latest results show that the growth rate for the sector has halved in comparison to last year. Jeremy Black comments on the challenges facing the sector including ‘pyramid’ partnership models and general counsels’ plans for cost reduction.
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Legal Week: Post recession recovery falters as growth dwindle across UK top 100, June 2013

Jeremy Black, Partner - Audit
Legal Week reports on Deloitte’s Quarterly Legal Sector Survey (a quarterly survey benchmarking the top 100 UK law firms). The latest results show that the growth rate for the sector has halved in comparison to last year. Jeremy Black discusses the polarisation in the market and the challenges around growing revenues.
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The Business Desk: Yorkshire law firms in merger talks, July 2013

Clare Boardman, Partner - Restructuring Services
Clare Boardman comments on merger activity in the Yorkshire legal market. Clare references Deloitte’s latest Quarterly Legal Sector Survey results (a quarterly survey benchmarking the top 100 UK law firms) which revealed that the best growth in fee incomes was achieved by firms with 11 to 25 fee-earners, and that was largely driven by mergers.
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