Law firms have less cash set aside in savings than almost all of their counterparts in the small and medium business sector, research for a bank reports today.
According to the study, law firms have an average of £354,000 set aside in savings, amounting to 60% of their total funds.
The figure is lower than that of accountancy firms, which have an average of £1,85,000 (63%) in funds tucked away.
Of the industries surveyed, which also included manufacturing and engineering companies and charities, only the construction industry saved less (£319,000).
The figures were published by Hampshire Trust Bank, which commissioned research agency Coleman Parkes to find the figures.
As part of the research, 500 SMEs, defined as businesses that have 250 employees or fewer, were surveyed.
Charities were the most active savers, investing 77% of their funds in savings.
According to the research, 27% of legal SMEs surveyed said they were increasing cash reserves due to concerns about the economic outlook in the wake of the vote to leave the EU.