The legal industry has shown just how resilient it can be in times of struggle, as according to an authoritative marketing survey, the number of UK law firms reporting growing fee incomes reached its highest level since 2008.
According to the annual PwC survey, 80% of legal firms across the country reported an increase in revenue over the last year, which is 17% more than last year, which is a clear sign that firms have finally managed to negate the crippling effects of the various MoJ reforms.
After more than two years of reform and uncertainty growing within the legal industry, these figures are a welcome reminder of how strong will can overcome surmountable odds.
The outlook for our profession, personal injury, has been a very murky one over the last few years, as the government seem determined to suffocate legal representation for victims of whiplash and other soft tissue injuries.
But now confidence breathes again for the profession, something that Scott Rees and Co Marketing Partner and the Merseyside and Wirral Coordinator for MASS, David Byrne pointed out in a recent blog on the MASS website.
Talking directly to those law firms who specialise in personal injury, David Byrne (pictured) said: “I am confident that this profession is not in demise and hold great optimism about the future of personal injury and I would encourage firms that still specialise in PI to hold tight and continue to persevere.”
“Remember the referral fee ban was supposed to kill us off, the Jackson Reforms and LASPO the final nails in our coffins, but after all is said and done, the personal injury specialists remain standing, bruised and a little disorientated, but more importantly because of our resilience, access to justice remains alive and well.”
Indeed the survey backs this claim up as it suggests that there has been an increase in confidence from law firms that there will be further income increases over the next three years David’s wise words weren’t enough to convince personal injury firms to stand firm and fight on, then surely these figures will reinforce them.
In regards to the findings of the survey, David added: “Obviously this is encouraging news for the legal industry on the whole. It just goes to show that hard work and the will to succeed in the face of adversity can bring favourable results.”
“As I alluded to in my blog, the past two years haven’t been easy but when has working within the legal profession ever been easy. It is important to adapt to change and clearly, going off these findings, the legal industry has great strength when it comes to doing this.”
“What is most encouraging about the growth in fee incomes is that genuine accident victims still believe in the right to claim for compensation. Access to justice is alive and well and we, like the rest of the profession, are confident that things can continue to improve moving into the future.”
You can read the 2014 Annual Law firms’ Survey by clicking here.