Business
Law firms come out of COVID even richer – The Australian Financial Review
Almost 80 per cent of law firms recorded stable or rising profits in FY2020, with the average profit increasing 7 per cent across the sector.
The Legal Market Pulse is based on a survey of 11 top-tier legal outfits, 31 mid-tiers and 14 other firms, and most flagged negotiating prices and winning new business as the two biggest challenges they faced.
Sixty-four per cent of firms expected pressure on lowering fees to accelerate because of the pandemic, and 63 per cent believed clients would push harder for alternative fee arrangements. Around the same number thought clients would want more work for less.
This was triggered by increasing…
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