LAW firms in Cumbria have generally experienced increases in profitability, according to research from the Law Society.
The Law Management Section’s (LMS) annual financial benchmarking survey, sponsored by Lloyds Bank, reveals the health of law firms across the UK.
It shows that fee income for legal firms increased by an average 4.1 per cent in 2013, and that the average profit per equity partner rose 3.6 per cent to £121,731.
The survey also revealed that while a greater number of practices in the North East and Cumbria converted to a limited company or Limited Liability Partnership (LLP), there was a fall in equity partner capital.
Graham Lowes, senior manager at Lloyds Bank Commercial Banking in the North East and Cumbria, said: “This year’s survey shows some positive trends, including growth in fee income and profits. It was pleasing to see some firms improving their working capital management, too.”
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