Substantial changes to how law firms work would see net profits rise, says expert

 

Greater investment in IT would help law firms to cut costs and increase net profit, the MHA Legal Benchmarking Report 2016 has found.

In 2015, the net profit of law firms ranged between 16 and 29 per cent, with only sole practitioners seeing an increase compared to 2014 – from 25 per cent to 29 per cent.

The report indicated that the most profitable law firms were taking advantage of IT efficiencies to increase productivity and time management, while less efficient firms were paying the price.

The level of spending on business premises running costs last year varied between 6 and 13 per cent of fee income, with larger firms paying 3.2 per cent more as a result of rent increases and other running costs.

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IT investment key to law firm growth

Greater investment in IT would help law firms to cut costs and increase net profit, the MHA Legal Benchmarking Report 2016 has found. The report indicated that the most profitable law firms were taking advantage of IT efficiencies to increase productivity and time management, while less efficient firms were paying the price.


about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

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