The recession has finally run its course, according to the results of a survey conducted in association with the Gazette.

Six out of ten firms expect revenues to increase over the next 12 months, while only 3.6% predict a fall.

The study, conducted by client relationship management consultancy Collier Pickard, targeted partners and senior decision-makers at law firms throughout the UK.

The main practice areas where growth is predicted are commercial (57%), commercial property (48%) and employment (48%), while revenues from insurance, personal injury and civil litigation are expected to remain broadly flat.

In order to drive income, over 90% of firms said they are likely or very likely to cross-sell to existing clients.

Client retention was seen a priority, and 98% said growing existing clients is of high or very high importance for the coming year.

Acquiring new clients was also important, but more so for the larger firms.

Half of the firms surveyed said they were willing to venture into new markets, although smaller firms were more cautious in this respect.

Collier Pickard marketing director Alan Joenn said: ‘The survey reflects some optimism in the profession. Law firms have a better outlook over the next 12 months than over the last 12.

He said one challenge for firms over the coming months would be to embrace the commercial principles of marketing and selling their services - ‘otherwise they will be over taken by those organisations that do this’.

Nearly 40% of respondents to the survey did not have any departments dedicated to marketing, telesales, sales, IT or administration.

Those that did almost all had 100 staff or more.

Joenn said: ‘The image of professional services providers that do not need to market themselves, present the value of [their] offering, or take [their] message to market, is over.

‘And the period in the evolution of the solicitors’ profession that relied on the idea that people respect and value what a solicitor is, is past.’

Some 56 firms responded to the survey, of which almost half had five partners or fewer.

Read the complete survey.