Strong financial results being reported by law firms across the country will not yet truly reflect the global economic downturn, City management consultants warned this week.


Tony Williams, principal of consultancy Jomati, said: 'Most law firms will have some work remaining in the pipeline and won't suffer much of a downturn for at least six to nine months after a crisis. I think people are much more worried about what 2008 and 2009 will bring.'



Jeremy Black, an associate partner in the professional practices group at accountancy firm Deloitte, said: 'As ever in times of turmoil I would expect there to be winners and losers.



'While at a macro level things may be more difficult for law firms, at an individual firm level, it will depend on the type of work that firms do.'



National firm Pinsent Masons this week reported 2007 revenues up £21 million to £213 million - an 11% rise on last year.



Last week, City firm Simmons & Simmons reported a £40 million increase in turnover to £290 million, while Birmingham firm Wragge & Co reported a £13 million rise to £125 million. City firm Ashurst reported a 17% increase to £323 million.



James Dean