The top 50 UK law firms have seen a drop in the amount of completed business deals, according to research.
The Law Society’s latest City Legal Index, published in partnership with Legal Monitor, shows the number of transactions between January and June 2015 has fallen by 6.2 per cent compared to the same period in 2014.
Jonathan Smithers, Law Society’s president, said: “The fall in the number of legal deals in the first half of 2015 followed by the slight pick-up suggest we may see a short-term stalling in the recovery of the UK and international economy.
“The slowdown in China could well accentuate this trajectory.”
The commercial director of Legal Monitor, David Kekwick, added: “The City Legal Index reflects the continued strength of legal activity supporting the UK’s banking sector and the buoyancy of the commercial real estate market.
“However, with adverse economic data coming from China weighing on global stock markets and the global economy, these positive trends will be difficult to sustain throughout 2015.”
Meanwhile, as our previous bulletin suggested, solicitors salaries are on the rise. Lending to UK law firms has also jumped to £7.35bn – a rise of 28 per cent – in the last five years, according to research by finance provider LDF which puts the boost down to practices seeking to expand, retain key personnel and develop IT.
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