The traditional partnership model in the legal sector has dramatically declined over the years, with almost half of all firms now taking an incorporated company model. Equally, 1,300 of England and Wales’ 10,000 law firms are now operating as an ABS.
The legal sector is still as profitable as ever, with the sector generating £35.1bn across the UK in 2018. This is up 6.3% from last year. The 2019 forecast predicts a growth of 5.4%.
Notably however, the majority of that growth comes from the top 1oo firms due to M&A and corporate sectors. Personal injury/accident/negligence firms, who represent 11% of the sector, report little or slow growth.