Magic Circle firms predict steady growth
8th May 2012
The biggest law firms in London are cautiously optimistic for growth in 2012-13, despite a challenging economic climate.
Leading figures from the so-called ‘Magic Circle’ have said that they expect to post at least modest revenue growth over the next financial year, whilst other sectors continue to struggle.
Although the second half of the last twelve months was slightly disappointing at home, practices with international operations were able to rely on the business generated by overseas offices to boost their overall profits to healthy levels.
One executive partner likened the current situation to that created in the aftermath of the 1970s oil crisis, which caused economies to slump significantly after a quarter of a century of strong growth. Forecasters within the industry do now appear confident, however, that the worst of the current difficulties are over.
With London lawyer jobs providing a degree of security in what is still a troubled labour market, there has rarely been a better time for aspiring solicitors to enter the legal profession.