Now, for tomorrow
In May 2020 and December 2020, the MHA Professional Practices team ran two separate surveys looking at the impact of COVID-19 on the legal sector and how it has influenced future plans.
We have analysed and compared the results of the two surveys and developed four easy-to-read infographics which go into detail about the key statistics and what it means for the sector.
The results report on the following areas:
- Fees and Profitability including the impact on fee income, best and worst billing service lines and the change in profit levels.
- Staffing including recruitment, redundancies, and office vs remote working.
- Cash flow including lock up, work in progress (WIP) and debtors.
- Business strategy including key changes and what firms are prioritising in 2021.
We will release these individually over the next four weeks.
You can use this information to benchmark your practice against others nationally, as well as looking at the next steps you should be taking.
Fees and Profitability
What has been the impact of COVID-19 on fee income?
Our last survey asked Firms to estimate what impact Covid-19 was having on fees billed. Now that we are 9 months post original lockdown, Firms have reversed a “major” impact expectation to an actual “minor” impact on fee income.
Staffing
Recruitment
73% of survey respondents have recruited staff since March 2020. The more flexible working practices developed during the March 2020 lockdown have opened the staff market place, and geographical boundaries and long commute times have reduced in importance.
Cash Flow
Business strategy
Find out more
Each week we will be releasing our detailed review so please visit this page frequently to see the latest published results. If you would like to discuss the results in more detail, please contact your local MHA firm using our contact firm here
