Fee income at the UK’s top 100 law firms decreased by 4.3% in the quarter ending 30 April 2009) compared with the same period last year, according to business advisory firm Deloitte’s Quarterly Legal Sector Survey.
The report, published today, predicts that the quarter’s fall will have ‘a noticeable negative impact’ on firms’ full-year results.
In the quarter, chargeable hours per fee-earner fell by 7.1% compared with the same period last year – in the top 10 firms the fall was 11.5%.
The results for the year to 30 April show that, despite an average 6.8% fall in chargeable hours per fee-earner, overall fee income grew by 1.7%.
Jeremy Black, associate partner in Deloitte’s Professional Practices group, said: ‘There can be little doubt that, with productivity falls of this level, further turmoil in the sector is inevitable.’
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