The legal sector’s recovery from lockdown faltered along with the rest of the economy, official statistics show. According to Office for National Statistics data released last week revenues in August were 16.3% down on July - and 10.4% down on August last year.
In all, revenues totalled £2.55bn in August 2020, the second weakest month in over two years.
The legal sector’s fall was more dramatic than that of the services sector as a whole, which dropped by 3.8% compared with July.
Louis Young, managing director at litigation funder Augusta described the figures as 'a worrying blip for the industry after the fightback of June and July'.
'Firms recognise the need to double down on efforts to drive growth and keep costs under control, however they are battling against negative Covid sentiment,' he said. 'Many who are weighed down by poor trading earlier in the year will have been knocked by lower billings in recent weeks. Understandably firms have been looking for support to shore up their finances.'