Legal sector preparing for mergers

first_img Legal sector preparing for mergers KCS-content Show Comments ▼ whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com THE City’s law firms are ripe for a new round of mergers as falling fee income and the economic environment propels the industry towards a “tipping point”, says a report by PricewaterhouseCoopers (PwC). Of the Top 11-25 firms, 83 per cent predicted more mergers in the industry are “fairly likely’, compared to half of those firms in 2009. The report found that those firms have seen their fee income decline by on average six per cent. Despite an eight per cent reduction in their partner numbers and a six per cent reduction in fee earner numbers, average profit per equity partner (PEP) still fell by nearly one per cent to £441,000. This follows a 28 per cent reduction in PEP in 2009. Top 10 firms were protected from the worst of the downturn by their scale and geographical reach. “Looking ahead, it appears the legal sector is approaching a tipping point,” said Alistair Rose, a partner at PwC. “There is ongoing pressure on firms ranked 11-25 and it is inevitable that a number will need to consider their response to ongoing, difficult market conditions, client pricing pressures and new entrants to the market.”Already this year Lovells has merged with Hogan Hartson, while Sonnenschein joined with Denton Wilde Sapte. Squire Sanders is in discussions with Hammonds and SJ Berwin with Proskauer Rose. Financial pressures might force others to consider link-ups, to avoid the fate of Halliwells, which collapsed in the summer, spooking investors. “The crunch time for law firms often comes in January when they have to pay their rent and their partner tax bill,” said Tony Williams of legal consultancy Jomati. “Some are being watched quite carefully by the banks.” center_img Tags: NULL Wednesday 3 November 2010 9:48 pm Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider whatsapplast_img

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