Do you work for a law firm if so how are you/is it doing?

[davidjpowell]

Not a law firm , but a Property Consultant.

I am hearing more horror stories right now. I think we are in the double dip now.

[anonymous-user]

I know a number of firms have asked their partners to inject further capital into the business. The partners of the big firms who despite drawings of min £400k pa generally had to come and have a chat with me about topping up their partnership loans. Could not believe how few of them had anything left in their capital accounts.

What is it you do MCM?

P

[LC23]

I've also heard that large accountancy firms are also asking their Partners for a further contribution to the business.

[Maxf]

Large international property consultancy here. A few colleagues have been poached by competitors for big uplifts and golden handshakes. It seems to be all change here, with a lot of people moving around at the moment (out of choice).

[ringram]

BOE will bail the govt out as they rebalance. QE2 etc.
But its going to be tough for sure. Efficiency is where its at. Dont spend money without a good reason.

Good to see Red Ed get the Labour reigns. He can now ride that horse into the abyss.

[JxT]

The large UK law firms, Magic Circle and the other large London partnerships, are doing fine, partners might be making 20% less, but it was 20% of a large number. Most have already reassessed their headcount (partners and FEs).

The issue is really more in the mid-market. The large firms have started to dip down into lower tier work, reducing fee rates, etc. The mid market firms (outside top 20) firms cant compete.

[5potTurbo]

JxT said:

The large UK law firms, Magic Circle and the other large London partnerships, are doing fine, partners might be making 20% less, but it was 20% of a large number. Most have already reassessed their headcount (partners and FEs).

I'd agree with that. We're still charged £500+/hour by Magic Cirle firms' Partners in Capital Markets - and that's the pre-agreed discounted rate.

One in particular has a string of country homes in the UK and abroad. I think they're doing OK!

[rlw]

I work for about 20 solicitors practices, mainly sole proprietors and small partnerships and, across the whole spectrum of work - social welfare law on Legal Aid to acting for some very high net worth individuals who will buy and sell domestic and commercial properties up to around £25M with no sign of a loan - it is st.

[Vvroom]

We're doing fine but then again we're one of the biggest (I.M. Are the initials for those that know these things). Hear some horror stories from friends in property/commercial especially over the last financial year. I think this year is looking slightly better.

Double whammy though recently with various reforms to the legal system and de-regulation will be swiftly upon us- Tesco Law and all that jazz.