Tale of two professions

Last year saw a 5% drop in the number of sole practitioners, whose income has suffered most in real terms

If there is a recession looming, it is so far only casting the faintest of shadows over the legal profession.

The Law Society's annual statistical report, out this week, describes a profession booming at its most profitable top end.The past decade has seen the number of firms with 26 or more partners rise by more than 80%.

And as the recent stream of annual results has shown, they are more profitable than ever.The rapid increase in the number of larger firms has been fuelled by the merger-led contraction of the medium sized sector.

In that same ten years, the number of firms with partnerships of five to ten solicitors has tumbled by nearly 20%.

This has resulted in the total number of practices dropping - to around 8,300 in England and Wales.But there is a darker side to the figures.

In real terms, many high-street practices are only just keeping up.

Last year saw a 5% drop in the number of sole practitioners, whose income has suffered most in real terms.The government's approach to legal aid, franchising and contracting, have had a huge impact.

A thriving legal profession is to be cheered, but access to justice questions will remain for the party forming the government.