British Firms See Uptick in Quarterly Revenue

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Quarterly revenue at Britain’s 100 biggest law firms increased by an average of 5 percent for the three-month period that ended July 31.

A report by Bloomberg attributed the “modest” increase to higher rates and more billable hours last quarter. The figures were compiled by accounting firm Deloitte LLP.

Among the U.K’s 10 biggest firms, the average revenue increase was slightly lower at 3.7 percent.

  

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The news is still encouraging, however, given London’s largest firms suffered revenue declines of as much as 11 percent during the last fiscal year.

Deloitte partner Jeremy Black reflected the cautious optimism when commenting on the numbers.

“The growth has surprised a few, as people tend to forget the hard times pretty quickly,” Black said. “However, there are still a lot of nerves out there. The recovery is difficult to predict.”