Why mid-tier firms must take the long view on costs
How making business changes with client interests at the forefront can deliver long-term gains.
Today, mid-tier law firms in the UK face a toughest challenge – maintaining profitability amid fierce competition. Unlike the magic circle and top 10 law firms – which have leveraged their stature to grow revenues (by increasing chargeable rates despite pricing pressures and undertaking minimal business adjustments) – the mid-tier category represents squeezed margins and falling profit per partner (PEP). This is a compensation model law firms are reluctant to relinquish.
As published in The Law Society Gazette.
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